VANDERBILT UNIVERSITY

Reports on the Audit of

Federal Financial Assistance Programs

in Accordance with the OMB Uniform Guidance

for the Year Ended June 30, 2017

EIN: 62-0476822

VANDERBILT UNIVERSITY

Table of Contents

Page

Financial Statements:

Report of Independent Auditors 1

Consolidated Financial Statements 3

Additional Information:

Schedule of Expenditures of Federal Awards 27

Notes to Schedule of Expenditures of Federal Awards 52

Report of Independent Auditors on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with

Government Auditing Standards 54

Report of Independent Auditors on Compliance with Requirements that Could Have a Direct and Material Effect on Each Major Federal Program and on Internal Control over Compliance in Accordance with the OMB Uniform Guidance 56

Schedule of Findings and Questioned Costs 59

Summary of Status of Prior Audit Findings 60

PricewaterhouseCoopers LLP, 569 Brookwood Village, Suite 851, Birmingham, AL 35209 T: (205) 414 4000, F: (205) 414 4001, www.pwc.com/us

Report of Independent Auditors To the Board of Trust of Vanderbilt University Report on the Consolidated Financial Statements We have audited the accompanying consolidated financial statements of Vanderbilt University (“the University”), which comprise the consolidated statements of financial position as of June 30, 2017 and 2016, and the related consolidated statements of activities and of cash flows for the years then ended, and the related notes to the financial statements. Management’s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibility Our responsibility is to express an opinion on the consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the University's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the University's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Vanderbilt University as of June 30, 2017 and 2016, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

1

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated October 4, 2017 on our consideration of Vanderbilt University’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters for the year ended June 30, 2017. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Vanderbilt University's internal control over financial reporting and compliance.

October 4, 2017

2

Vanderbilt University

Consolidated Statements of Financial PositionAs of June 30, 2017 and 2016 (in thousands)

ASSETS

Cash and cash equivalents $ 935,446 $ 963,001

Accounts receivable, net 146,931 130,259

Prepaid expenses and other assets 19,386 20,814

Contributions receivable, net 69,701 90,269

Promissory notes receivable 94,166 99,166

Student loans and other notes receivable, net 31,645 34,329

Investments 4,434,026 3,963,630

Investments allocable to noncontrolling interests 61,605 83,056

Property, plant, and equipment, net 1,019,893 943,984

Interests in trusts held by others 28,577 26,601

Total assets $ 6,841,376 $ 6,355,109

LIABILITIES

Accounts payable and accrued liabilities $ 84,201 $ 82,569

Accrued compensation and withholdings 84,955 80,044

Deferred revenue 48,410 48,202

Actuarial liabilities 37,021 39,816

Government advances for student loans 24,411 23,422

Commercial paper 114,180 84,530

Long-term debt 260,030 223,755

Fair value of securities sold short 353,025 251,855

Fair value of interest rate exchange agreements 54,784 115,169

Total liabilities 1,061,017 949,362

NET ASSETS

Unrestricted net assets controlled by Vanderbilt 3,027,864 2,814,990

Unrestricted net assets related to noncontrolling interests 61,605 83,056

Total unrestricted net assets 3,089,469 2,898,046

Temporarily restricted net assets 1,365,694 1,224,134

Permanently restricted net assets 1,325,196 1,283,567

Total net assets 5,780,359 5,405,747

Total liabilities and net assets $ 6,841,376 $ 6,355,109

The accompanying notes are an integral part of the consolidated financial statements.

2017 2016

33

Vanderbilt University

Consolidated Statement of ActivitiesYear Ended June 30, 2017 (in thousands)

REVENUES

Tuition and educational fees $ 513,103 $ - $ - $ 513,103

Less student financial aid (231,424) - - (231,424)

Tuition and educational fees, net 281,679 - - 281,679

Grants and contracts:

Government sponsors 155,446 - - 155,446

Private sponsors 24,345 - - 24,345

Facilities and administrative costs recovery 57,489 - - 57,489

Total grants and contracts 237,280 - - 237,280

Contributions 26,719 5,898 32,664 65,281

Endowment distributions 96,060 106,365 772 203,197

Investment income (loss) 21,727 3,124 4,315 29,166

Trademark, license, and royalty revenue 113,165 - - 113,165

Affiliated entity revenue 173,945 - - 173,945

Room, board, and other auxiliary services, net 162,581 - - 162,581

Other sources 45,216 - - 45,216

Net assets released from restrictions 115,792 (115,792) - -

Total revenues and other support 1,274,164 (405) 37,751 1,311,510

EXPENSES

Salaries, wages, and benefits 645,805 - - 645,805

Supplies, services, and other 440,022 - - 440,022

Interest expense 14,618 - - 14,618

Depreciation 81,331 - - 81,331

Grants to affiliates 22,396 - - 22,396

Total expenses 1,204,172 - - 1,204,172

Change in unrestricted net assets from operating activity 69,992

OTHER CHANGES IN NET ASSETS

Appreciation of endowment, net of distributions 72,698 139,487 - 212,185

Appreciation of other investments, net of distributions 23,539 - - 23,539

Appreciation of interest rate exchange agreements, net 32,287 - - 32,287

Contributions for plant 312 26,461 - 26,773

Net assets released from restrictions for plant 23,706 (23,706) - -

Nonoperating net asset reclassifications (3,601) (277) 3,878 -

Debt defeasance costs (6,059) - - (6,059)

Total other changes in net assets 142,882 141,965 3,878

Increase in net assets controlled by Vanderbilt 212,874 141,560 41,629 396,063

Decrease in net assets related to noncontrolling interests (21,451) - - (21,451)

Total increase in net assets $ 191,423 $ 141,560 $ 41,629 $ 374,612

Net assets, June 30, 2016 $ 2,898,046 $ 1,224,134 $ 1,283,567 $ 5,405,747

Net assets, June 30, 2017 $ 3,089,469 $ 1,365,694 $ 1,325,196 $ 5,780,359

The accompanying notes are an integral part of the consolidated financial statements.

288,725

2017

Temporarily Permanently

Unrestricted Restricted Restricted Total

44

Vanderbilt University

Consolidated Statement of ActivitiesYear Ended June 30, 2016 (in thousands)

REVENUES

Tuition and educational fees $ 495,330 $ - $ - $ 495,330

Less student financial aid (215,563) - - (215,563)

Tuition and educational fees, net 279,767 - - 279,767

Grants and contracts:

Government sponsors 147,980 - - 147,980

Private sponsors 31,087 - - 31,087

Facilities and administrative costs recovery 55,426 - - 55,426

Total grants and contracts 234,493 - - 234,493

Contributions 17,418 27,686 67,868 112,972

Endowment distributions 105,132 78,711 919 184,762

Investment income (loss) 15,685 (757) (13,690) 1,238

Trademark, license, and royalty revenue 22,831 - - 22,831

Affiliated entity revenue 262,524 - - 262,524

Room, board, and other auxiliary services, net 132,500 - - 132,500

Other sources 39,689 - - 39,689

Net assets released from restrictions 86,394 (86,394) - -

Total revenues and other support 1,196,433 19,246 55,097 1,270,776

EXPENSES

Salaries, wages, and benefits 643,886 - - 643,886

Supplies, services, and other 369,473 - - 369,473

Interest expense 14,839 - - 14,839

Depreciation 76,909 - - 76,909

Grants to affiliates 24,446 - - 24,446

Total expenses 1,129,553 - - 1,129,553

Change in unrestricted net assets from operating activity 66,880

OTHER CHANGES IN NET ASSETS

Appreciation of endowment, net of distributions (150,188) (218,988) (4,457) (373,633)

Appreciation of other investments, net of distributions (27,430) - - (27,430)

Appreciation of interest rate exchange agreements, net (41,408) - - (41,408)

Contributions for plant 3,213 3,870 - 7,083

Net assets released from restrictions for plant 7,827 (7,827) - -

Nonoperating net asset reclassifications (2,700) (1,457) 4,157 -

Debt defeasance costs (76,599) - - (76,599)

Total other changes in net assets (287,285) (224,402) (300)

Increase (decrease) in net assets from continuing operations (220,405) (205,156) 54,797 (370,764)

Loss on discontinued operations (132,307) (31,872) (6,421) (170,600)

Increase (decrease) in net assets controlled by Vanderbilt (352,712) (237,028) 48,376 (541,364)

Decrease in net assets related to noncontrolling interests (27,898) - - (27,898)

Total increase (decrease) in net assets $ (380,610) $ (237,028) $ 48,376 $ (569,262)

Net assets, June 30, 2015 $ 3,278,656 $ 1,461,162 $ 1,235,191 $ 5,975,009

Net assets, June 30, 2016 $ 2,898,046 $ 1,224,134 $ 1,283,567 $ 5,405,747

The accompanying notes are an integral part of the consolidated financial statements.

(511,987)

2016

Temporarily Permanently

Unrestricted Restricted Restricted Total

55

Vanderbilt University

Consolidated Statements of Cash FlowsYears Ended June 30, 2017 and 2016 (in thousands)

CASH FLOWS FROM OPERATING ACTIVITIESChange in net assets excluding discontinued operations $ 374,612 $ (398,662)

Adjustments to reconcile change in total net assets from continuing operations

to net cash used in operating activities of continuing operations:

Change in net assets related to noncontrolling interests 21,451 27,898

Realized and unrealized loss (gain) on investments, net (480,431) 191,801

Contributions for plant and endowment (72,229) (24,490)

Contributions of securities other than for plant (9,501) (16,784)

Proceeds from sale of donated securities 1,373 1,372

Depreciation 81,331 76,909

Amortization of bond discounts and premiums (925) (4,225)

Payments to terminate interest rate exchange agreements 28,098 44,042

Loss from disposals of property, plant, and equipment 2,155 2,979

Net change in fair value of interest rate exchange agreements (60,385) (4,204)

Change in:

Accounts receivable, net of accrued investment income (17,884) (93,506)

Prepaid expenses and other assets 1,428 3,487

Contributions receivable, net 20,568 (21,310)

Interests in trusts held by others - (124)

Accounts payable and accrued liabilities, net of nonoperating items 1,416 (9,307)

Accrued compensation and withholdings 4,911 (26,701)

Deferred revenue 208 (3,431)

Actuarial liabilities (2,795) (2,049)

Net cash used in operating activities of continuing operations (106,599) (256,305)

CASH FLOWS FROM INVESTING ACTIVITIESPurchases of investments (8,301,403) (7,501,890)

Proceeds from sales of investments 8,410,632 7,773,493

Purchases of investments allocable to noncontrolling interests (820) (840)

Proceeds from sales of investments allocable to noncontrolling interests 25,984 36,968

Change in accrued investment income 1,212 196

Payments to terminate interest rate exchange agreements (28,098) (44,042)

Acquisitions of property, plant, and equipment (159,179) (136,642)

Proceeds from sale of business - 622,187

Principal collected on promissory notes receivable 5,000 833

Student loans and other notes receivable disbursed (3,801) (5,050)

Principal collected on student loans and other notes receivable 6,485 6,159

Net cash (used in) provided by investing activities of continuing operations (43,988) 751,372

CASH FLOWS FROM FINANCING ACTIVITIESContributions for plant and endowment 72,229 24,490

Change in government advances for student loans 989 1,066

Payments to retire or defease debt (101,140) (923,359)

Proceeds from issuance of debt 168,990 -

(Repayment) draw on line of credit (1,000) 1,000

Proceeds from sale of donated securities restricted for endowment 8,128 15,412

Proceeds from noncontrolling interests in investment partnerships 820 840

Payments to noncontrolling interests in investment partnerships (25,984) (36,968)

Net cash provided by (used in) financing activities of continuing operations 123,032 (917,519)

DISCONTINUED OPERATIONSNet cash provided by operating activities - 174,107 Net cash used in investing activities - (93,570) Net cash provided by financing activities - 13,285

Net cash flows provided by discontinued operations - 93,822

Net decrease in cash and cash equivalents $ (27,555) $ (328,630)

Cash and cash equivalents at beginning of year $ 963,001 $ 1,291,631

Cash and cash equivalents at end of year $ 935,446 $ 963,001

Supplemental disclosure of cash flow information:

Cash paid for interest $ 15,164 $ 57,725

Donated securities 9,501 16,784

Noncash investing activities include:

Purchases of investments on margin $ - $ (82,000)

Sales of investments on margin - 18,016

The accompanying notes are an integral part of the consolidated financial statements.

2017 2016

66

Vanderbilt University

Notes to the Consolidated Financial Statements

1. ORGANIZATION

The Vanderbilt University (Vanderbilt) is a private, coeducational,

not-for-profit, nonsectarian institution located in Nashville, Tennes-

see. Founded in 1873, Vanderbilt owns and operates educational and

research facilities as part of its mission to be a leading center for

informed and creative teaching, scholarly research, and public ser-

vice. Vanderbilt provides educational services to approximately

6,900 undergraduate and 5,700 graduate and professional students

enrolled across its 10 schools and colleges.

The consolidated financial statements include the accounts of all en-

tities in which Vanderbilt has a significant financial interest and

over which Vanderbilt has control. On April 29, 2016, Vanderbilt

transferred clinical services operations, post-graduate training pro-

grams, and clinical department research activities, along with the

related assets and liabilities, to Vanderbilt University Medical Cen-

ter (“VUMC”), a newly incorporated Tennessee not-for-profit cor-

poration, in exchange for consideration of $1,230.0 million (the

“Transaction”). The university retained the medical educational and

academic activities and remains the degree-granting institution for

the university’s School of Medicine, School of Nursing, and clinical

master’s programs. The university retains control of all faculty ap-

pointments, graduate school PhD programs in the biomedical sci-

ences, and research in basic science departments and related centers.

As a separate legal entity, VUMC is not under common governance

with or controlled by the university. Vanderbilt is not financially

responsible for VUMC indebtedness.

Accordingly, the fiscal 2016 consolidated financial statements re-

flect VUMC operations prior to the Transaction date in discontinued

operations. For more information on Vanderbilt’s discontinued op-

erations, see Note 20 to the consolidated financial statements.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The consolidated financial statements have been prepared on the ac-

crual basis in accordance with U.S. generally accepted accounting

principles (GAAP). Vanderbilt eliminates all material intercompany

accounts and transactions in consolidation.

Net Asset Classifications Based on the existence or absence of donor-imposed restrictions,

Vanderbilt classifies resources into three categories: unrestricted,

temporarily restricted, and permanently restricted net assets.

Unrestricted net assets are free of donor-imposed restrictions.

This classification includes all revenues, gains, and losses not tem-

porarily or permanently restricted by donors. Vanderbilt reports all

expenditures in the unrestricted class of net assets, since the use of

restricted contributions in accordance with donors’ stipulations re-

sults in the release of the restriction.

Temporarily restricted net assets contain donor-imposed stipula-

tions that expire with the passage of time or upon satisfaction by

action of Vanderbilt. These net assets may include unconditional

pledges, split-interest agreements, interests in trusts held by others,

and accumulated appreciation on donor-restricted endowments not

yet appropriated by the Board of Trust for distribution.

Permanently restricted net assets are amounts held in perpetuity

as requested by donors. These net assets may include uncondi-

tional pledges, donor-restricted endowments (at historical value),

split-interest agreements, and interests in trusts held by others.

Generally, the donors of these assets permit Vanderbilt to use a

portion of the income earned on related investments for specific

purposes.

Vanderbilt reports expirations of temporary restrictions on net assets,

(i.e., the passage of time and/or fulfilling donor-imposed stipula-

tions), as net assets released from restrictions between the applicable

classes of net assets in the consolidated statements of activities.

Cash and Cash Equivalents

Cash and cash equivalents are liquid assets with minimal interest rate

risk and maturities of three months or less when purchased. Such as-

sets, reported at fair value, primarily consist of depository account

balances, money market funds, and short-term U.S. Treasury securi-

ties. Cash designated for investment is included within investments

in the accompanying consolidated statements of financial position.

Prepaid Expenses and Other Assets

Prepaid expenses and other assets primarily represent prepaid ex-

penses and other segregated investment-related assets managed by

third parties related to a legacy deferred compensation program that

are earmarked to ultimately settle certain liabilities recorded in ac-

crued payroll and withholdings. Vanderbilt excludes this latter group

of assets, reported at fair value, from the investments category since

it will not directly benefit from the investment return.

Promissory Note Receivable

In conjunction with the Transaction, VUMC issued to Vanderbilt a

$100 million promissory note (seller financing) paid over a 20-year

period, $5 million annually at 3.25% interest.

Fair Value Measurements

Fair value measurements represent the price received to sell an asset

or price paid to transfer a liability in an orderly transaction between

market participants at the measurement date. GAAP provides a hier-

archy for fair value measurements based on the observable inputs to

the valuation of an asset or liability at the measurement date. Inputs

to the valuation techniques used are prioritized to measure fair value

by giving the highest priority to unadjusted quoted prices in active

markets for identical assets or liabilities (Level 1 measurements) and

the lowest priority to measurements involving significant unobserv-

able inputs (Level 3 measurements).

Vanderbilt gives consideration to certain investment funds that do not

have readily determinable fair values including private investments,

hedge funds, real estate, and other funds. Vanderbilt uses net asset

value per share or its equivalent in estimating the fair value of inter-

ests in investment companies for which a readily determinable fair

77

value is not available. Pursuant to ASU 2015-07, Vanderbilt reports

these assets separately within the fair value hierarchy.

Investments

Vanderbilt reports investments at fair value using the three-level hi-

erarchy established under GAAP. After review and evaluation, Van-

derbilt utilizes estimates provided by fund managers for certain alter-

native investments, mainly investments in limited partnerships where

a ready market for the investments does not exist.

Vanderbilt has exposure to a number of risks including liquidity, in-

terest rate, counterparty, basis, tax, regulatory, market, and credit

risks for both marketable and nonmarketable securities. Due to the

level of risk exposure, it is possible that near-term valuation changes

for investment securities will occur to an extent that could materially

affect the amounts reported in Vanderbilt’s financial statements.

Vanderbilt sometimes uses derivatives to manage investment market

risks and exposure. The consolidated financial statements contain de-

rivatives, which consist of both internally managed transactions and

those entered into through external investment managers, at fair

value. The most common instruments utilized are futures contracts

and hedges against currency risk for investments denominated in cur-

rencies other than U.S. dollars. For internally managed transactions,

Vanderbilt utilizes futures contracts with durations of less than three

months.

Vanderbilt records purchases and sales of securities on the trade

dates, and realized gains and losses are determined based on the av-

erage historical cost of the securities sold. Vanderbilt reports net re-

ceivables and payables arising from unsettled trades as a component

of investments.

Unless donor-restricted endowment gift agreements require separate

investment, Vanderbilt manages all endowment investments as an in-

vestment pool.

Investments Allocable to Noncontrolling Interests and

Net Assets Related to Noncontrolling Interests

Vanderbilt reports the respective assets for entities in which other or-

ganizations are minority equity participants at fair value as invest-

ments allocable to noncontrolling interests on the consolidated state-

ments of financial position.

The balance representing such organizations’ minority or noncontrol-

ling interests is recorded based on contractual provisions, which rep-

resent an estimate of a settlement value assuming the entity was liq-

uidated in an orderly fashion as of the report date.

Split-Interest Agreements and Interests in Trusts Held by Others

Vanderbilt’s split-interest agreements with donors consist primarily

of irrevocable charitable remainder trusts, charitable gift annuities,

and life income funds for which Vanderbilt serves as trustee. Van-

derbilt reports assets held in these trusts in investments at fair value.

Vanderbilt recognizes contribution revenue at the dates the trusts are

established, net of the liabilities for the present value of the estimated

future payments to the donors and/or other beneficiaries. Annually,

Vanderbilt records the change in fair value of split-interest agree-

ments based on the assets that are associated with each trust and re-

calculates the liability for the present value of the estimated future

payments to the donors and/or other beneficiaries.

Vanderbilt is also the beneficiary of certain trusts held and adminis-

tered by others. Vanderbilt records its share of these trust assets at

fair value as interests in trusts held by others with any resulting gains

or losses reported as investment income.

Property, Plant, and Equipment

Purchased property, plant, and equipment, recorded at cost, includes,

where appropriate, capitalized interest on construction financing net

of income earned on unspent proceeds. Vanderbilt capitalizes do-

nated assets at fair value on the date of donation, expenses repairs

and maintenance costs as incurred, and expenses additions to the li-

brary collection at the time of purchase.

Vanderbilt calculates depreciation using the straight-line method to

allocate the cost of various classes of assets over their estimated use-

ful lives. Vanderbilt follows the half-year convention to calculate de-

preciation associated with construction-related assets (e.g., land im-

provements, buildings, leasehold improvements, and fixed equip-

ment). Under the half-year convention, Vanderbilt treats fixed assets

constructed during the year as if placed in service on January 1, re-

gardless of in-service date. All other purchased assets (e.g., moveable

equipment) begin depreciation on the in-service date. Vanderbilt re-

moves property, plant, and equipment from the accounting records

upon disposal.

Conditional asset retirement obligations related to legal requirements

to perform certain future activities associated with the retirement,

disposal, or abandonment of assets are accrued utilizing site-specific

surveys to estimate the net present value for applicable future costs

(e.g., asbestos abatement or removal).

Vanderbilt reviews long-lived assets for impairment whenever events

or changes in circumstances indicate that the carrying amount of an

asset may not be recoverable. Vanderbilt recognizes an impairment

charge when the fair value of the asset or group of assets is less than

the carrying value. Refer to Note 9 to the consolidated financial state-

ments for further discussion.

Debt Portfolio Financial Instruments

Vanderbilt reports long-term debt at carrying value. The carrying

value of Vanderbilt’s debt is the par amount adjusted for the net

unamortized amount of bond premiums and discounts. Vanderbilt

utilizes interest rate exchange agreements as part of its debt portfolio

management strategy. The consolidated statements of activities in-

clude any gain or loss resulting from recording the fair value of de-

rivative financial instruments as a nonoperating item.

Parties to interest rate exchange agreements are subject to risk for

changes in interest rates as well as risk of credit loss in the event of

nonperformance by the counterparty. Vanderbilt deals only with

high-quality counterparties that meet rating criteria for financial sta-

bility and credit worthiness. Additionally, the agreements require the

posting of collateral when amounts subject to credit risk under the

contracts exceed specified levels.

Revenue Recognition

Vanderbilt’s revenue recognition policies are:

Tuition and educational fees, net—Vanderbilt recognizes student

tuition and educational fees as revenues in the year the related ac-

ademic services occur and defers amounts received in advance of

services rendered. Vanderbilt reflects financial aid provided for tu-

ition and educational fees as a reduction of the respective revenues.

Financial aid does not include payments made to students for ser-

vices provided to Vanderbilt or financial aid applied to undergrad-

uate room and board.

Grants and contracts—Vanderbilt recognizes revenues from

grants and contracts when allowable expenditures under such

agreements occur.

88

Facilities and administrative (F&A) costs recovery—Vanderbilt

recognizes F&A costs recovery as revenue. This activity repre-

sents reimbursement, primarily from the federal government, of

F&A costs on sponsored activities. Vanderbilt’s federal F&A costs

recovery rate for on-campus research was 57% in both fiscal 2017

and 2016. Vanderbilt’s federal F&A costs recovery rate for off-

campus research was 28.5% in both fiscal 2017 and 2016.

Trademark, license, and royalty revenue—The Trademark Li-

cense Agreement (TML) between Vanderbilt and VUMC com-

prises the majority of trademark, license, and royalty revenue.

Vanderbilt recognizes trademark, license, and royalty revenues in

accordance with the terms of the underlying agreements.

Affiliated entity revenue—Affiliated entity revenue represents

amounts received from VUMC to support and ensure sustainabil-

ity of the upstream research pipeline and other academic initiatives

and to compensate Vanderbilt for the provision of operating and

capital infrastructure services to VUMC, primarily in campus in-

frastructure, campus safety and security, and various support func-

tions. Vanderbilt recognizes affiliated entity revenues as the re-

lated services are provided in accordance with the terms of the un-

derlying agreements.

Contributions

Vanderbilt recognizes unconditional promises to give (pledges) as

contribution revenue upon receipt of a commitment from the donor.

Vanderbilt records pledges with payments due in future periods as

increases in temporarily restricted or permanently restricted net as-

sets at the estimated present value of future cash flows, net of an al-

lowance for estimated uncollectible promises. Vanderbilt calculates

an allowance for uncollectible contributions receivable based upon

an analysis of past collection experience and other judgmental fac-

tors.

Vanderbilt records contributions with donor-imposed restrictions as

unrestricted revenue if the university meets the restrictions and re-

ceives the contribution in the same reporting period. Otherwise, Van-

derbilt records contributions with donor-imposed restrictions as in-

creases in temporarily restricted or permanently restricted net assets,

depending on the nature of the restriction.

After meeting donor stipulations, Vanderbilt releases contributions

from restrictions and recognizes these contributions as unrestricted

net assets. Vanderbilt releases from restrictions contributions for

plant facilities and recognizes these contributions as nonoperating

items only after incurring expenses for the applicable plant facilities

or when the related asset is placed in service based on donor intent.

In contrast to unconditional promises as described above, Vanderbilt

does not record conditional promises (primarily bequest intentions)

until the university substantially meets donor contingencies.

Unrestricted Operating Results

Unrestricted operating results (change in unrestricted net assets from

operating activity) in the consolidated statements of activities reflect

all transactions that change unrestricted net assets, except for nonop-

erating activity related to endowment and other investments, changes

in the fair value of derivative financial instruments, contributions for

plant facilities, and certain other nonrecurring items.

Endowment distributions reported as operating revenue consist of en-

dowment return (regardless of when such income arose) distributed

to support current operational needs in the current period. Vander-

bilt’s Board of Trust approves the distribution amount from the en-

dowment pool on an annual basis, determined by applying a spending

rate to an average of the previous three calendar year-end market val-

ues. The primary objective of the endowment distribution methodol-

ogy is to reduce the impact of capital market fluctuations on opera-

tional programs.

Operating investment income consists of dividends, interest, and

gains and losses on unrestricted, non-endowed investments directly

related to core operating activities, as well as investment returns on

Vanderbilt’s working capital assets. For working capital assets in-

vested in long-term pooled investments managed in conjunction with

endowment funds, the amount resulting from pre-established distri-

butions from pooled investments is deemed operating investment in-

come; the difference between total returns for these pooled invest-

ments and the aforementioned pre-established distributions is re-

ported as nonoperating activity. Operating investment income ex-

cludes investment returns on segregated gift funds and funds set aside

for nonoperating purposes such as segregated assets for self-insur-

ance relative to professional liability and assets on deposit with trus-

tees.

Vanderbilt allocates management and administrative support costs

attributable to divisions that primarily provide auxiliary services

based upon institutional budgets. Thus, institutional support expense

reported in the functional expense footnote (Note 16) relates to Van-

derbilt’s other primary programs such as instruction, research, and

public service.

Vanderbilt allocates costs related to the operation and maintenance

of physical plant, including depreciation of plant assets, to operating

programs and supporting activities based upon facility usage. Addi-

tionally, the university allocates interest expense to the activities that

have benefited most directly from the debt proceeds. Refer to Note

16 for further detail.

Income Taxes

Vanderbilt is a tax-exempt organization as described in Section

501(c)(3) of the Internal Revenue Code (the Code), and generally is

exempt from federal income taxes on related income pursuant to Sec-

tion 501(a) of the Code. Vanderbilt is, however, subject to federal

and state income tax on unrelated business income, and provision for

such taxes is included in the accompanying consolidated financial

statements. Vanderbilt regularly evaluates its tax position and does

not believe it has any material uncertain tax positions that require

disclosure or adjustment to the consolidated financial statements.

Use of Estimates

The preparation of financial statements requires the use of estimates

and assumptions that affect the reported amounts of assets, liabilities,

revenues, and expenses during the reporting period as well as the dis-

closure of contingent assets and liabilities. Actual results ultimately

could differ from management’s estimates.

Reclassifications

Vanderbilt made certain reclassifications within functional expense

categories to prior year amounts to conform to the current year

presentation. These reclassifications were not material to the finan-

cial statements.

Subsequent Events

Vanderbilt evaluated events subsequent to June 30, 2017, through

March 23, 2018, the date of issuance of the consolidated financial

statements. During this period, Vanderbilt terminated $25 million no-

tional of fixed-payer interest rate exchange agreements to further re-

duce the university’s exposure. Vanderbilt did not identify any other

material subsequent events for recognition or disclosure.

99

Recent Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09, Revenue from Con-

tracts with Customers. ASU 2014-09, along with subsequent amend-

ments, supersedes most existing revenue recognition guidance and

outlines a single comprehensive standard for revenue recognition

across all industries. In addition, ASU 2014-09 requires expanded

quantitative and qualitative disclosures, including disclosure about

the nature, amount, timing and uncertainty of revenue. ASU 2014-09

will become effective for annual reporting periods beginning after

December 15, 2017. Vanderbilt will adopt the provisions of ASU

2014-09 in fiscal 2019. Vanderbilt continues to evaluate its popula-

tion of revenue sources to assess the potential effects ASU 2014-09

will have on its financial statements and related disclosures. Vander-

bilt expects the primary impact to be in the form of additional finan-

cial statement disclosures.

In April 2015, the FASB issued ASU 2015-03, Simplifying the

Presentation of Debt Issuance Costs. ASU 2015-03 requires that debt

issuance costs related to a recognized debt liability be presented on

the balance sheet as a direct deduction from the carrying amount of

that debt liability, consistent with debt discounts. Vanderbilt

adopted ASU 2015-05 during fiscal 2017 and has reported capital-

ized debt issuance costs as of June 30, 2017, accordingly.

In January 2016, the FASB issued ASU 2016-01, Financial Instru-

ments – Overall: Recognition and Measurement of Financial Assets

and Financial Liabilities. ASU 2016-01 affects all entities that hold

financial assets or owe financial liabilities and primarily affects the

accounting for equity investments, financial liabilities under the fair

value option, and the presentation and disclosure requirements for

financial instruments. The standard is effective for non-public busi-

ness entities for annual periods beginning after December 15, 2018.

Vanderbilt early adopted the provisions of ASU 2016-01 eliminating

the fair value disclosures for financial instruments not recognized at

fair value for fiscal 2016. Vanderbilt plans to adopt the remaining

provisions of ASU 2016-01 by fiscal 2020.

In February 2016, the FASB issued ASU 2016-02, Leases. ASU

2016-02 requires recognition of rights and obligations arising from

lease contracts, including existing and new arrangements, as assets

and liabilities on the balance sheet. ASU 2016-02 is effective for an-

nual reporting periods beginning after December 15, 2018. Vander-

bilt will adopt the provisions of ASU 2016-02 in fiscal 2020. The

adoption of ASU 2016-02 will increase total assets and total liabili-

ties. Vanderbilt is currently evaluating the effect of adoption to the

university’s policies, procedures, and financial statements.

In August 2016, the FASB issued ASU 2016-14, Presentation of Fi-

nancial Statements for Not-for-Profit Entities, which revises the not-

for-profit financial reporting model. Among other provisions, ASU

2016-14 requires enhanced disclosures around the nature and amount

of net asset restrictions (both donor-imposed and board-designated),

as well as enhanced disclosures regarding how entities manage their

liquidity. ASU 2016-14 is effective for fiscal years beginning after

December 15, 2017. Vanderbilt is currently evaluating the effect of

adoption to the financial statements and will adopt this ASU by fiscal

2019.

3. ACCOUNTS RECEIVABLE

Accounts receivable as of June 30 were as follows (in thousands):

2017 2016

Receivable on secondary sale $ 71,473 $ 54,389

Research and sponsored programs 34,925 26,265

VUMC related agreements 27,978 22,370

Tuition and fees 5,166 7,094

Accrued investment income 1,272 2,485

Other 7,854 19,509

Accounts receivable 148,668 132,112

Less: Allowance for student uncollectible amounts (1,737) (1,853)

Accounts receivable, net $ 146,931 $ 130,259

The balance at June 30, 2017, includes $71.5 million related to a sec-

ondary sale of investments in general partnerships, $34.9 million re-

lated to research and sponsored programs, and $28.0 million related

to agreements with VUMC. These receivables account for 92% of

total net receivables at June 30, 2017.

1010

4. CONTRIBUTIONS RECEIVABLE

Contributions receivable as of June 30 were as follows (in thousands):

2017 2016

Unconditional promises expected to be collected:

in one year or less $ 32,331 $ 51,004

between one year and five years 44,308 48,208

in more than five years 4,300 1,776

Contributions receivable 80,939 100,988

Less: Discount (2,626) (1,711)

Less: Allowance for uncollectible promises (8,612) (9,008)

Contributions receivable, net $ 69,701 $ 90,269

Vanderbilt discounts contributions receivable at a rate commensurate

with the scheduled timing of receipt. Vanderbilt applied discount

rates ranging from 0.5% to 2.0% to amounts outstanding as of June

30, 2017, and June 30, 2016. Vanderbilt’s methodology for calculat-

ing the allowance for uncollectible promises consists of analyzing

write-offs as a percentage of gross pledges receivable along with as-

sessing the age and activity of outstanding pledges. The balance at

June 30, 2016, includes a $12.0 million receivable from VUMC in

support of trans-institutional programs (TIPs). This receivable ac-

counts for 13.3% of total net contributions receivable at June 30,

2016, which was paid during 2017.

In addition to pledges reported as contributions receivable, Vander-

bilt had cumulative bequest intentions and conditional promises to

give of approximately $301.2 million and $251.0 million as of June

30, 2017 and 2016, respectively. Due to their conditional nature,

Vanderbilt does not recognize these intentions to give as assets.

Contributions receivable, net as of June 30, were as follows (in thousands):

2017 2016

Temporarily restricted $ 27,360 $ 32,525

Permanently restricted 42,341 57,744

Contributions receivable, net $ 69,701 $ 90,269

5. STUDENT LOANS AND OTHER NOTES RECEIVABLE

Student loans and other notes receivable as of June 30 were as follows (in thousands):

2017 2016

Receivable Allowance Net Receivable Allowance Net

Student loans:

Federal $ 24,465 $ (2,140) $ 22,325 $ 24,058 $ (2,178) $ 21,880

Institutional 8,264 (1,278) 6,986 11,463 (3,060) 8,403

Total student loans 32,729 (3,418) 29,311 35,521 (5,238) 30,283

Faculty mortgages 2,334 - 2,334 4,046 - 4,046

Student loans, other notes receivable,

and related allowances $ 35,063 $ (3,418) $ 31,645 $ 39,567 $ (5,238) $ 34,329

Vanderbilt remains committed to “no loans” for its undergraduate

students, meaning that the university is meeting full demonstrated fi-

nancial need with scholarship and grant assistance. For other groups

(e.g., professional school students), participation in several federal

revolving loan programs, including the Perkins, Nursing, and Health

Professionals Student Loan programs, has continued.

Vanderbilt carries loans to students at cost, which, based on second-

ary market information, approximates the fair value of education

loans with similar interest rates and payment terms. The availability

of funds for new loans under these programs is dependent on reim-

bursements to the pool from repayments on outstanding loans.

Vanderbilt assigns loans receivable from students under governmen-

tal loan programs, also carried at cost, to the federal government or

its designees. Vanderbilt classifies refundable advances from the fed-

eral government as liabilities in the consolidated statements of finan-

cial position. Outstanding loans cancelled under a governmental pro-

gram result in a reduction of the funds available for loan and a de-

crease in the university’s liability to the government.

Vanderbilt establishes bad debt allowances based on prior collection

experience and current economic factors, which, in management’s

judgment, could influence the ability of loan recipients to repay

amounts due. When deemed uncollectible, Vanderbilt writes off in-

stitutional loan balances.

In an effort to attract and retain a world-class faculty, Vanderbilt pro-

vides various incentives and historically provided home mortgage fi-

nancing assistance in select situations. Deeds of trust on properties

concentrated in the surrounding region collateralize these notes. Van-

derbilt has not recorded an allowance for doubtful accounts for loans

based on their collateralization and prior collection history.

1111

6. INVESTMENTS

Investments consist of the following as of June 30 (in thousands):

2017 2016

Derivative contract collateral and short-term securities 1 $ 137 $ 36,908

Global equities 1 1,147,012 977,150

Fixed income 5 363,487 242,325

Hedged strategies 6 1,260,019 1,022,674

Private capital 3 1,151,000 1,216,653

Real estate 3 168,377 211,854

Natural resources 3 261,431 206,868

Commodities 2 133,644 120,378

Trusts 4 4,371 3,909

Other investments 4 6,153 7,967

Total value 7 $ 4,495,631 $ 4,046,686

Total cost $ 3,400,587 $ 3,228,731

1 Quoted prices in active markets determine fair value or fund managers provide the net asset value per share of the specific investment to establish fair value. 2 Quoted prices in active markets determine fair value. 3 Fund managers provide the net asset value of Vanderbilt’s ownership interests at the fund level to establish fair value. 4 Carrying value provides a reasonable estimate of fair value for certain components. 5 Quoted prices in active markets determine fair value or fund managers provide the net asset value per share of the specific investment to establish fair value. 6 Quoted prices in active markets determine fair value or fund managers provide the net asset value per share of the specific investment to establish fair value. Includes $435 million and

$325 million of cash and cash equivalents classified as investments in fiscal 2017 and 2016, respectively. 7 Net of securities sold short of $353 million and $252 million, total value of investments is $4,143 million and $3,795 million in fiscal 2017 and 2016, respectively.

Included in the amounts reported in the table above are investments

allocable to noncontrolling interests (i.e., minority limited partners)

reported at fair value. During fiscal 2017, the minority limited part-

ners funded capital commitments totaling $0.8 million. Additionally,

Vanderbilt made payments to the minority limited partners of $26.0

million reflecting a distribution of earnings and returned capital from

the underlying private fund assets. The change in appreciation allo-

cable to minority limited partners totaled $3.7 million. The balance

of unrestricted net assets related to noncontrolling interests, calcu-

lated in accordance with the partnership agreements, was $61.6 mil-

lion as of June 30, 2017.

Derivative contract collateral and short-term securities primarily

comprise amounts posted as collateral in accordance with interest

rate exchange agreements and unspent bond proceeds with trus-

tees.

Global equities consist of investment funds globally diversified

across public markets including U.S. markets, other developed

markets, and emerging and frontier markets. Fund managers of

these investments have the ability to shift investments from value

to growth strategies, from small to large capitalization stocks, and

from a net long position to a net short position.

Fixed income includes investments directed towards capital

preservation and predictable yield as well as more opportunistic

strategies focused on generating return on price appreciation.

These investments are primarily public investments such as U.S.

Treasuries and other government obligations, investment-grade

corporate bonds, high-yield corporate bonds, bank debt, commer-

cial mortgage-backed securities, residential non-agency mortgage-

backed securities, asset-backed securities, direct lending, and be-

low investment-grade developed and emerging market sovereign

debt. Vanderbilt may make investments through commingled ve-

hicles, separately managed accounts, synthetic transactions, and

limited partnership interests.

Hedged strategies investments reflect multiple strategies such as

event driven, relative value, and equity funds to diversify risks and

reduce volatility in the portfolio generally in hedge fund structures.

These strategies also include investments in both long and short

primarily credit-oriented securities. Investments may include

mortgage-backed securities, trade finance, debt and asset-backed

securities, repurchase agreements, senior loans, bank loans, and

cash designated for investment. The fair value of open short posi-

tions is recorded as a liability and the university records an unre-

alized gain or loss to the extent of the difference between the pro-

ceeds received and the value of the open short position. By enter-

ing into short sales, the university bears the market risk of in-

creases in the value of the security sold short in excess of the pro-

ceeds received. Possible losses from short sales differ from losses

that could be incurred from purchases of securities because losses

from short sales may be unlimited whereas losses from purchases

cannot exceed the total amount invested.

Private capital consists of illiquid investments in buyouts, dis-

tressed debt, mezzanine debt, growth equity, and venture capital.

Vanderbilt may make investments through commingled vehicles,

separately managed accounts, synthetic transactions, limited part-

nership interests, and direct investments.

Real estate comprises illiquid investments in residential and com-

mercial real estate assets, projects, publicly traded REITs or land

held directly through separately managed accounts, limited part-

nership interests, and direct investments in properties. The nature

of the investments in this category is such that distributions gener-

ally reflect liquidation of the underlying assets of the funds.

Natural resources include illiquid investments in timber, oil and

gas production, mining, energy, and related services businesses

held directly or in commingled limited partnership funds.

Commodities include public investments such as commodity fu-

tures, commodity-related equities, and private investments in en-

ergy, power, infrastructure, and timber. Investments may be made

through commingled vehicles, separately managed accounts, syn-

thetic transactions, limited partnership interests, and direct invest-

ments.

Trusts are Vanderbilt’s split-interest agreements with donors.

1212

7. INVESTMENT RETURN

A summary of investment return, including endowment distributions, by net asset category for the fiscal years ended June 30 follows (in thou-

sands):

2017 2016

OPERATING

Unrestricted:

Endowment distributions $ 96,060 $ 105,132

Investment income 21,727 15,685

Total operating return 117,787 120,817

NONOPERATING

Unrestricted:

Appreciation of institutional endowments, net of distributions 72,698 (150,188)

Appreciation of other investments 23,539 (27,430)

Temporarily restricted:

Endowment distributions 106,365 78,711

Investment income (loss) 3,124 (757)

Appreciation of donor-restricted endowments, net of distributions 139,487 (218,988)

Permanently restricted:

Endowment distributions 772 919

Investment income (loss) 4,315 (13,690)

Appreciation of donor-restricted endowments, net of distributions - (4,457)

Total nonoperating return 350,300 (335,880)

Total investment return $ 468,087 $ (215,063)

The components of total investment return for the fiscal years ended June 30 were as follows (in thousands):

2017 2016

Interest, dividends, and partnership losses, net of fees $ (12,344) $ (23,262)

Net realized gains 278,369 46,933

Change in unrealized appreciation 202,062 (238,734)

Total investment return $ 468,087 $ (215,063)

In addition to a core group of investment professionals dedicated to

the management of Vanderbilt’s endowment, Vanderbilt employs ex-

ternal investment managers. Particularly for alternative investments

such as hedge funds, investment manager fee structures frequently

have a base component along with a performance component relative

to the entire life of the investments. Under these arrangements, man-

agement fees frequently are subject to substantial adjustments based

on cumulative future returns for a number of years hence.

Vanderbilt reports investment returns net of returns attributed to lim-

ited partners on investments allocable to noncontrolling interests.

Vanderbilt incurred internal investment management costs of $12.3

million in fiscal 2017 and $12.7 million in fiscal 2016. Fees paid di-

rectly to external investment managers (i.e., segregated investment

account fees) totaled $28.4 million and $17.5 million in fiscal 2017

and 2016, respectively. Vanderbilt reports investment returns net of

external manager fees.

8. ENDOWMENT

Endowment-related assets include donor-restricted endowments and

institutional endowments (quasi-endowments). Vanderbilt’s endow-

ment does not include gift annuities, interests in trusts held by others,

contributions pending donor designation, or contributions receivable.

The Board of Trust’s interpretation of its fiduciary responsibilities

for donor-restricted endowments under the Uniform Prudent Man-

agement of Institutional Funds Act (UPMIFA) requirements, barring

the existence of any donor-specific provisions, is to preserve inter-

generational equity. Under this broad guideline, future endowment

beneficiaries should receive at least the same level of real economic

support as the current generation. The overarching objective is to pre-

serve and enhance the real (inflation-adjusted) purchasing power of

the endowment in perpetuity. Vanderbilt invests assets to provide a

relatively predictable and stable stream of earnings to meet spending

needs and attain long-term return objectives without the assumption

of undue risks.

UPMIFA specifies that unless stated otherwise in a gift instrument,

donor-restricted assets in an endowment fund are restricted assets un-

til appropriated for expenditure. Barring the existence of specific in-

1313

structions in gift agreements for donor-restricted endowments, Van-

derbilt reports the historical value for such endowments as perma-

nently restricted net assets and the net accumulated appreciation, in-

cluding recapitalizations, as temporarily restricted net assets. In this

context, historical value represents the original value of initial con-

tributions restricted as permanent endowments plus the original value

of subsequent contributions and, if applicable, the value of accumu-

lations made in accordance with the direction of specific donor gift

agreements.

Specific appropriation for expenditure of Vanderbilt’s endowment

funds occurs each spring when the Board of Trust approves the uni-

versity’s operating budget for the ensuing fiscal year. For fiscal years

2017 and 2016, Vanderbilt’s Board of Trust approved endowment

distributions based on 5.0% of the average of the previous three cal-

endar year-end market values. Vanderbilt reinvests actual realized

endowment return earned in excess of distributions. For years when

the endowment return is less than the distribution, the endowment

pool’s cumulative returns from prior years cover the shortfall.

Vanderbilt may not fully expend Board-appropriated endowment dis-

tributions in a particular fiscal year. In some cases, Vanderbilt will

approve endowment distributions for reinvestment into the endow-

ment.

The table below summarizes Vanderbilt’s endowment for the fiscal

years ended June 30 (in thousands):

2017 Unrestricted

Temporarily

Restricted

Permanently

Restricted Total

Donor-restricted endowments $ (4,024) $ 1,244,275 $ 1,233,575 $ 2,473,826

Reinvested distributions of donor-restricted endowments 139,134 52,249 - 191,383

Institutional endowments 1,471,256 - - 1,471,256

Endowment net assets as of June 30, 2017 $ 1,606,366 $ 1,296,524 $ 1,233,575 $ 4,136,465

2016 Unrestricted

Temporarily

Restricted

Permanently

Restricted Total

Donor-restricted endowments $ - $ 1,109,691 $ 1,178,406 $ 2,288,097

Reinvested distributions of donor-restricted endowments 164,187 21,036 - 185,223

Institutional endowments 1,322,266 - - 1,322,266

Endowment net assets as of June 30, 2016 $ 1,486,453 $ 1,130,727 $ 1,178,406 $ 3,795,586

In striving to meet the overarching objectives for the endowment,

over the past 20 years the university has experienced an 11% annual-

ized standard deviation in its returns. This level of risk is consistent

with that accepted by peer institutions. Currently, the endowment

portfolio consists of three primary components designed to serve a

specific role in establishing the right balance between risk and return.

These three components are global, public, and private equity invest-

ments. Vanderbilt expects these three components, including private

capital and many hedge funds, to produce favorable returns in envi-

ronments of accelerated growth and economic expansion. Vanderbilt

expects hedged strategies and fixed income investments to generate

stable returns and preserve capital during periods of poor equity per-

formance. Vanderbilt uses real estate and natural resources alloca-

tions to provide an inflation hedge.

From time to time, the fair value of assets associated with an endowed

fund may fall below the level that a donor or UPMIFA requires in

terms of maintenance of perpetual duration endowments. As of June

30, 2017 and 2016, Vanderbilt had deficiencies of this nature of ap-

proximately $4.0 million consisting of 158 endowments and $14.4

million consisting of 573 endowments, respectively. These deficien-

cies resulted from unfavorable market declines that occurred after the

investment of recent permanently restricted contributions. Vanderbilt

believes these declines are modest in relation to the total market value

for donor-restricted endowments and that these deficiencies will be

relatively short-term in nature.

Changes in endowment net assets for the fiscal years ended June 30 were as follows (in thousands):

2017 Unrestricted

Temporarily

Restricted

Permanently

Restricted Total

Endowment net assets as of June 30, 2016 $ 1,486,453 $ 1,130,727 $ 1,178,406 $ 3,795,586

Endowment investment return:

Investment loss, net of fees (8,608) (15,189) - (23,797)

Net appreciation (realized and unrealized) 156,240 296,234 - 452,474

Total endowment investment return 147,632 281,045 - 428,677

Gifts and additions to endowment, net 61,250 12,721 55,169 129,140

Endowment distributions (83,999) (119,198) - (203,197)

Transfers for internal management costs (4,449) (7,851) - (12,300)

Other (521) (920) - (1,441)

Endowment net assets as of June 30, 2017 $ 1,606,366 $ 1,296,524 $ 1,233,575 $ 4,136,465

1414

2016 Unrestricted

Temporarily

Restricted

Permanently

Restricted Total

Endowment net assets as of June 30, 2015 $ 1,622,322 $ 1,347,214 $ 1,123,852 $ 4,093,388

Endowment investment return:

Investment loss, net of fees (2,101) (2,870) - (4,971)

Net appreciation (realized and unrealized) (64,408) (103,041) - (167,449)

Total endowment investment return (66,509) (105,911) - (172,420)

Gifts and additions to endowment, net 89,829 3,930 60,586 154,345

Endowment distributions (78,090) (106,673) - (184,763)

Decapitalization of endowments1 (75,473) (148) (6,032) (81,653)

Transfers for internal management costs (5,383) (7,353) - (12,736)

Other (243) (332) - (575)

Endowment net assets as of June 30, 2016 $ 1,486,453 $ 1,130,727 $ 1,178,406 $ 3,795,586

1 Includes $78.8 million of institutional endowments liquidated from endowment cash and transferred to VUMC as a part of the Transaction.

9. PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment as of June 30 were as follows (in thousands):

2017 2016

Land $ 98,554 $ 80,443

Buildings and improvements 1,555,888 1,406,725

Moveable equipment 295,981 287,352

Construction in progress 87,530 121,831

Property, plant, and equipment 2,037,953 1,896,351

Less: Accumulated depreciation (1,018,060) (952,367)

Property, plant, and equipment, net $ 1,019,893 $ 943,984

Vanderbilt reports property, plant, and equipment at cost or, if a gift,

at fair value as of the date of the gift, net of accumulated deprecia-

tion. Vanderbilt computes depreciation using the straight-line

method over the estimated useful lives of the assets: 10 to 50 years

for buildings and building improvements, the shorter of the asset life

or life of the lease including renewal options for leasehold improve-

ments, and 3 to 25 years for machinery and equipment.

Purchases for the library collection are not included in the amounts

above as Vanderbilt expenses such items at the time of purchase. As

of June 30, 2017, the estimated replacement cost for library collec-

tions, including processing costs to properly identify, catalog, and

shelve materials, totaled $406 million.

Vanderbilt capitalized interest of $0.3 million to construction in

progress and/or buildings and improvements in fiscal 2017; no in-

terest was capitalized in fiscal 2016.

Vanderbilt reviews property, plant, and equipment for recoverabil-

ity whenever events or changes in circumstances indicate that the

carrying amount may not be recoverable. The university recognizes

an impairment loss only if the carrying amount of a long-lived asset

is not recoverable and exceeds its fair value. The carrying amount

of a long-lived asset is not recoverable if it exceeds the sum of the

undiscounted cash flows expected to result from the use and even-

tual disposition of the asset. Vanderbilt did not recognize any im-

pairment losses in fiscal 2017 or 2016.

Vanderbilt identified conditional asset retirement obligations, pri-

marily for the costs of asbestos removal and disposal, resulting in

liabilities of $3.2 million as of June 30, 2017 and 2016. These lia-

bility estimates, included in accounts payable and accrued liabili-

ties in the consolidated statements of financial position, use an in-

flation rate of 4.0% and a discount rate of 5.0% based on relevant

factors at origination.

1515

10. LONG-TERM DEBT AND COMMERCIAL PAPER

Long-term debt consists of bonds and notes payable with scheduled

final maturity dates at least one year after the original issuance date.

Outstanding long-term debt and commercial paper (CP) obligations

reflected in the financial statements at carrying value as of June 30

were as follows (in thousands):

Fixed Coupon Fiscal 2017

Fiscal Year Interest Rates as Effective Outstanding Principal

of Maturity of June 30, 2017 Interest Rate1 2017 2016

FIXED-RATE DEBT

Series 2009A - Tax-exempt 2020 4.00% 4.8% $ 7,080 $ 73,990

Series 2012D - Tax-exempt 2038 3.00%-5.00% 3.1% 106,230 106,230 Series 2016 - Taxable 2047 0.84%-3.44% 2.8% 138,990 -

Fixed-rate debt 3.2% 252,300 180,220

VARIABLE-RATE DEBT

Series 2012B - Tax-exempt 1.2% - 34,230

Variable-rate debt 1.2% - 34,230

Par amount of long-term debt 3.0% 252,300 214,450

Net unamortized premium - 8,965 8,305

Cost of Issuance - (1,235) - Draw on Hybrid Line with General Use Provisions 1.4% - 1,000

Total long-term debt 3.0% 260,030 223,755

Taxable commercial paper <1 1.1% 114,180 84,530

Total commercial paper 1.1% 114,180 84,530

Total long-term debt and commercial paper 2.5% $ 374,210 $ 308,285 1 Exclusive of interest rate exchange agreements. Inclusive of these agreements, the overall portfolio effective interest rate was 4.3%.

All debt instruments are general obligations of Vanderbilt. Vander-

bilt did not pledge any of its assets as collateral for this debt.

The components of interest for total long-term debt, CP, and interest

rate exchange agreements follow (in thousands):

2017 2016

Payments for interest costs $ 15,164 $ 57,725

Accrued interest expense $ 14,618 $ 14,839

Payments for interest costs occur on varying scheduled payment

dates for debt, maturity dates for CP, and settlement dates for interest

rate exchange agreements. Fiscal 2016 interest costs include pay-

ments related to debt defeased through the Transaction and therefore

reported in discontinued operations. Vanderbilt calculates accrued

interest expense for its debt, CP, and interest rate exchange agree-

ments based on applicable interest rates for the respective fiscal year.

Principal retirements and scheduled sinking fund requirements based

on nominal maturity schedules for long-term debt, excluding CP, due

in subsequent fiscal years are as follows (in thousands):

2018 $ 7,830 2019 7,980

2020 8,140

2021 7,075 2022 7,285

Thereafter 213,990

Total long-term debt principal retirements $ 252,300

Retirements in earlier years in the preceding table could be greater if

Vanderbilt must purchase either a portion or all of its CP in the event

of failed remarketings on scheduled maturity dates.

On November 9, 2016, Vanderbilt issued the Series 2016 taxable

bonds in the par amount of $139.0 million. The Series 2016 bond

proceeds provided $75.0 million of new project funding to finance

construction of residential colleges as well as $62.7 million to refund

the scheduled bullet maturities of the Series 2009A. This bond series

was not callable until October 2019. Vanderbilt funded the remaining

defeasance escrow with operating cash. The Series 2009A refunding

transaction resulted in an accounting loss of $2.1 million in the year

ended June 30, 2017, which Vanderbilt reported in debt defeasance

costs as a non-operating item.

During fiscal 2017, Vanderbilt redeemed the $34.2 million 2012B

floating rate notes. This redemption was funded by the issuance of

$30.0 million of taxable CP and $4.2 million of operating cash.

As of June 30, 2017 and 2016, Vanderbilt had $114.2 million and

$84.5 million of taxable CP outstanding, respectively. The weighted

average duration of Vanderbilt’s CP portfolio totaled 95 days as of

June 30, 2017, and 125 days as of June 30, 2016.

All tax-exempt CP was retired as part of the VUMC Transaction.

Post VUMC Transaction, Vanderbilt reduced its commercial paper

limitation to $200.0 million from $675.0 million. Vanderbilt can is-

sue an additional $85.8 million under its current taxable CP program.

Liquidity support for debt with short-term remarketing periods (CP

totaling $114.2 million) is provided by Vanderbilt’s self-liquidity.

A second tier of debt liquidity support consists of a $200 million re-

volving credit facility as of June 30, 2017, dedicated to Vanderbilt’s

debt portfolio liquidity support. This commitment expires in April

2020 and has a maximum repayment period, which may extend be-

yond the expiration date, ranging from 90 days to 367 days. Van-

derbilt had no outstanding draws against this credit facility as of

June 30, 2017, or June 30, 2016.

1616

Another line, which Vanderbilt chose not to renew at the line of

credit’s March 2017 expiration, totaled $100 million and included a

general use provision. In order to optimize pricing, Vanderbilt drew

one percent ($1.0 million) at inception and maintained this amount

outstanding during the commitment. This draw was returned in

March 2017 when the line expired.

Vanderbilt never has borrowed against revolving credit agreements

to support redemptions of debt.

Vanderbilt also has a $150 million general use line of credit as of

June 30, 2017. This line of credit expires in October 2017. Vanderbilt

had no outstanding draws against this credit facility as of June 30,

2017, or June 30, 2016.

None of Vanderbilt’s fixed-rate debt has a mandatory tender date pre-

ceding the respective final maturity date. The Series 2009A bonds

include amortizing principal amounts each year beginning fiscal

2016 and a final maturity date in October 2019. The Series 2012D

bonds include amortizing principal amounts each year beginning in

fiscal 2021 and a call feature at par beginning October 2023. The

Series 2016 taxable bonds include amortizing principal amounts each

year beginning in fiscal 2018 and are callable before the October

2046 maturity date only if Vanderbilt pays a make-whole call provi-

sion to the bondholders.

11. INTEREST RATE EXCHANGE AGREEMENTS

Vanderbilt utilizes interest rate exchange agreements as part of its

debt portfolio management strategy. These agreements result in pe-

riodic net cash settlements paid to, or received from, counterparties.

Adjustments to interest expense for net settlements due to counter-

parties totaled $6.3 million and $7.1 million in fiscal 2017 and 2016,

respectively.

Vanderbilt estimates the fair value of interest rate exchange agree-

ments by calculating the present value sum of future net cash settle-

ments that reflect market yields as of the measurement date and esti-

mated amounts that Vanderbilt would pay to terminate the contracts

as of the report date. Vanderbilt considers current interest rates and

creditworthiness of the interest rate exchange counterparties when

estimating termination settlements. The estimated fair value of Van-

derbilt’s outstanding interest rate exchange agreements represented

liabilities of $54.8 million and $115.2 million as of June 30, 2017

and 2016, respectively.

Vanderbilt did not enter into any new interest rate exchange agree-

ments during fiscal 2017 or 2016. During fiscal 2017, Vanderbilt

terminated $50.0 million notional of fixed-rate payer interest rate ex-

change agreements at a cost of $19.2 million to reduce collateral ex-

posure and eliminate ongoing settlement costs. Also during fiscal

2017, Vanderbilt terminated $500.0 million of basis interest rate ex-

change agreements at a cost of $8.9 million. There are no remaining

basis interest rate exchange agreements at June 30, 2017.

Changes in the fair value of interest rate exchange agreements, re-

ported in the nonoperating section of the consolidated statements of

activities, resulted in a net gain of $32.3 million in fiscal 2017 and a

net loss of $41.4 million in fiscal 2016. The $32.3 million change in

appreciation of interest rate exchange agreements in fiscal 2017 in-

cludes $28.1 million of termination costs, a $63.7 million net unreal-

ized gain from the combination of the positive effect of the termina-

tion of fixed-rate payer and basis interest rate exchange agreements

and the increase in the long-term LIBOR rate, as well as a $3.3 mil-

lion unrealized loss to adjust the discount rate to reflect counterparty

credit risk. The $41.4 million appreciation of interest rate exchange

agreements in fiscal 2016 includes $44.0 million of termination costs,

a $3.3 million net unrealized gain from the combination of the posi-

tive effect of the termination of fixed-rate payer interest rate ex-

change agreements and the decrease in the long-term LIBOR rate, as

well as a $0.7 million unrealized loss to adjust the discount rate to

reflect counterparty credit risk. 30-year LIBOR increased to 2.5% as

of June 30, 2017, from 1.8% as of June 30, 2016. Termination costs

are reflected in the appreciation of interest rate exchange agreements

in the respective periods.

The interest rate exchange agreements include collateral pledging re-

quirements based on the fair value of the contracts. There was no

collateral held by counterparties as of June 30, 2017, and $36.8 mil-

lion held by counterparties as of June 30, 2016. Vanderbilt estimates

that a decline in long-term LIBOR rates to approximately 1% would

result in the fair value of the portfolio being a liability of approxi-

mately $90 million, but would not require Vanderbilt to pledge col-

lateral.

As of June 30, 2017, Vanderbilt’s adjusted debt portfolio, after taking

into account outstanding fixed-payer interest rate exchange agree-

ments, was fully hedged.

The notional amounts of Vanderbilt’s outstanding interest rate ex-

change agreements as of June 30 were as follows (in thousands):

Description Rate Paid Rate Received Maturity 2017 2016

Fixed-payer interest Avg fixed rate Avg of 68.5% of 14 to 23 years $ 163,800 $ 215,900

rate exchange of 3.95% one-month LIBOR1

agreements

Basis interest SIFMA2 Avg of 81.5% of n/a – terminated during fiscal 2017 $ - $ 500,000 rate exchange one-month LIBOR1

agreements

1 LIBOR (London Interbank Offered Rate) is a reference rate based on interest rates at

which global banks borrow funds from other banks in the London interbank lending

market.

2 SIFMA (Securities Industry and Financial Markets Association) is a seven-day high-

grade market index rate based upon tax-exempt variable rate debt obligations.

1717

12. NET ASSETS

Vanderbilt’s unrestricted net assets include funds from general op-

erating activities, gifts and grants, student loans, net assets related

to noncontrolling interests, and net assets designated for specific

purposes through voluntary resolutions of the Board of Trust.

Board designated net assets represent portions of unrestricted net

assets set aside with the purpose of functioning as endowments and

funds set aside for specific future expenditures.

Temporarily restricted net assets were designated by donors for the following purposes as of June 30 (in thousands):

2017 2016

Student scholarships $ 447,347 $ 390,467

Endowed chairs 348,247 310,079

Operations 259,515 238,031

Program support 101,335 90,009

Capital improvements 20,729 12,425

Subsequent period operations and other 188,521 183,123

Total temporarily restricted net assets $ 1,365,694 $ 1,224,134

Permanently restricted net assets as of June 30 were composed of the following (in thousands):

2017 2016

Donor restricted endowments $ 1,233,575 $ 1,178,406

Gifts and grants 42,116 70,465

Life income and gift annuities 32,494 18,173

Interests in trusts held by others 17,011 16,523

Total permanently restricted net assets $ 1,325,196 $ 1,283,567

13. FAIR VALUE MEASUREMENT

Vanderbilt utilizes a fair value hierarchy that prioritizes the inputs to

valuation techniques used to measure fair value into three levels:

Level 1 consist of quoted prices (unadjusted) in active markets

for identical assets or liabilities accessible at the measurement

date.

Level 2 include inputs other than quoted prices in Level 1 di-

rectly or indirectly observable for the assets or liabilities.

Level 3 are unobservable inputs for the assets or liabilities.

The level in the fair value hierarchy within which a fair value meas-

urement in its entirety is classified depends on the lowest level input

that is significant to the fair value measurement.

The significance of the unobservable inputs to the overall fair value

measurement determines the classification of a financial instrument

within level 3.

The consolidated statements of activities reflect: all net realized and

unrealized gains and losses on level 3 investments as appreciation of

endowment or appreciation of other investments; gains and losses on

investments allocable to noncontrolling interests as a component of

appreciation of endowment; and net realized and unrealized gains

and losses on interests in trusts held by others as appreciation of other

investments.

Rollforwards of amounts for level 3 financial instruments for the fis-

cal years ended June 30 follow (in thousands):

1818

Beginning

balance as of

June 30, 2016

Net realized

gains (losses)

Net change in

unrealized

gains (losses)* Purchases Sales

Transfers

into/(out of)

level 3

Ending

balance as of

June 30, 2017

LEVEL 3 ASSETS

Fixed income $ 15,034 $ 160 $ (518) $ 4,142 $ (4,297) $ - $ 14,521

Global equities 17,619 449 2,476 1,162 (3,382) - 18,324

Private capital 2,368 - - - - - 2,368

Real estate 179 - 18 - (3) - 194

Natural resources 31,442 - 1,238 - (2,109) - 30,571

Trusts 3,909 98 469 - (105) - 4,371

Other investments 7,623 219 97 - (5,376) - 2,563

Interests in trusts held by others

26,601 - 1,976 - - - 28,577

Total Level 3 $ 104,775 $ 926 $ 5,756 $ 5,304 $ (15,272) $ - $ 101,489

*Total change in unrealized gains/(losses) relating to Level 3 investment assets held by the university at June 30, 2017, is $3,788 and is reflected in “Appreciation

of endowment, net of distributions” for private capital and natural resources categories as well as “Investment income (loss)” for remaining categories in the Consolidated Statement of Activities.

Beginning

balance as of

June 30, 2015

Net realized

gains (losses)

Net change in

unrealized

gains (losses)* Purchases Sales

Transfers

into/(out of)

level 3

Ending

balance as of

June 30, 2016

LEVEL 3 ASSETS

Fixed income $ 17,179 $ (21) $ 561 $ 409 $ (3,094) $ - $ 15,034

Global equities 20,495 852 (2,413) 2,703 (4,018) - 17,619

Private capital 2,604 231 (324) - (143) - 2,368

Real estate 179 - - - - - 179

Natural resources 33,650 - (861) - (1,347) - 31,442

Trusts 4,258 101 (341) - (109) - 3,909

Other investments 7,178 - 5 520 (80) - 7,623

Interests in trusts held by others

33,545 328 (7,397) 125 - - 26,601

Total Level 3 $ 119,088 $ 1,491 $ (10,770) $ 3,757 $ (8,791) $ - $ 104,775

*Total change in unrealized gains/(losses) relating to Level 3 investment assets held by the university at June 30, 2016, is $(3,049) and is reflected in “Appreciation of endowment, net of distributions” for private capital and natural resources categories as well as “Investment income (loss)” for remaining categories in the

Consolidated Statement of Activities.

The following tables present the amounts within each valuation hier-

archy level for those assets and liabilities carried at fair value: cash

and cash equivalents; investments; investments allocable to noncon-

trolling interests (in Vanderbilt-controlled real estate and other part-

nerships); interests in trusts held by others; securities sold short; and

the fair value of interest rate exchange agreements.

Also included in the following tables, as a measure of liquidity, are

the redemption terms and restrictions of investments, along with the

numbers of days’ notice required to liquidate these investments. Most

investments classified as levels 2 and 3 consist of shares or units in

investment funds as opposed to direct interests in the funds’ underly-

ing holdings. Vanderbilt’s ability to redeem its interest at or near the

financial statement date determines the net assets’ classification as

level 2 or level 3. Vanderbilt defines near-term as within 90 days of

the financial statement date.

Derivative contract collateral and short-term securities are primarily

composed of amounts posted as collateral in accordance with interest

rate exchange agreements and unspent bond proceeds with trustees.

Vanderbilt deems a redemption or liquidation frequency for these

amounts as not applicable. Global equities and fixed income provide

varying levels of liquidity as defined in the following tables. Hedged

strategies include daily, quarterly, and annual redemption frequen-

cies. These strategies allow Vanderbilt to provide notice to the fund

managers to exit from the respective funds in the time periods noted.

Lockup provisions range from none to five years.

The total asset values for private capital, real estate, natural re-

sources, and other investments are illiquid as of June 30, 2017. These

amounts predominantly consist of limited partnerships. Under the

terms of these limited partnership agreements, Vanderbilt is obli-

gated to remit additional funding periodically as capital calls are ex-

ercised by the general partner. These partnerships have a limited ex-

istence and the agreements may provide for annual extensions rela-

tive to the timing for disposing portfolio positions and returning cap-

ital to investors. Depending on market conditions, the ability or ina-

bility of a fund to execute its strategy, and other factors, the general

partner may extend the terms or request an extension of terms of a

fund beyond its originally anticipated existence or may liquidate the

fund prematurely. Unforeseen events prevent Vanderbilt from antic-

ipating such changes. As a result, the timing and amount of future

capital calls or distributions in any particular year are uncertain and

the related asset values are illiquid.

The following tables summarize the fair value measurements and

terms for redemptions or liquidations for those assets and liabilities

carried at fair value as of June 30 (in thousands):

1919

Assets Reported at Fair Value as of June 30, 2017

Fair Value Measurements

Level 1 Level 2 Level 3 NAV Total

Cash and cash equivalents $ 935,446 $ - $ - $ - $ 935,446

Derivative contract collateral and short-term securities 137 - - - 137

Global equities 851,749 - 18,324 276,939 1,147,012

Fixed income 238,924 69,988 14,521 40,054 363,487

Private capital 2,891 - 2,368 1,145,741 1,151,000

Hedged strategies 758,365 280,729 - 220,925

1,260,019

Commodities 133,644 - - - 133,644

Natural resources 281 - 30,571 230,579 261,431

Real estate - - 194 168,183 168,377

Trusts - - 4,371 - 4,371

Other investments 3,590 - 2,563 - 6,153

Interests in trusts held by others - - 28,577 - 28,577

Total assets reported at fair value $ 2,925,027 $ 350,717 $ 101,489 $ 2,082,421 $ 5,459,654

Liabilities Reported at Fair Value as of June 30, 2017

Securities sold short $ 310,698 $ 42,327 $ - $ - $ 353,025

Interest rate exchange agreements - 54,784 - - 54,784

Total liabilities reported at fair value $ 310,698 $ 97,111 $ - $ - $ 407,809

Assets Reported at Fair Value as of June 30, 2016

Fair Value Measurements

Level 1 Level 2 Level 3 NAV Total

Cash and cash equivalents $ 963,001 $ - $ - $ - $ 963,001

Derivative contract collateral and short-term securities 36,908 - - - 36,908

Global equities 689,781 - 17,619 269,750 977,150

Fixed income 227,291 - 15,034 - 242,325

Private capital 1,285 - 2,368 1,213,000 1,216,653

Hedged strategies 642,345 67,626 - 312,703 1,022,674

Commodities 120,378 - - - 120,378

Natural resources 201 - 31,442 175,225 206,868

Real estate - - 179 211,675 211,854

Trusts - - 3,909 - 3,909

Other investments 344 - 7,623 - 7,967

Interests in trusts held by others - - 26,601 - 26,601

Total assets reported at fair value $ 2,681,534 $ 67,626 $ 104,775 $ 2,182,353 $ 5,036,288

Liabilities Reported at Fair Value as of June 30, 2016

Securities sold short $ 239,969 $ 11,886 $ - $ - $ 251,855

Interest rate exchange agreements - 115,169 - - 115,169

Total liabilities reported at fair value $ 239,969 $ 127,055 $ - $ - $ 367,024

2020

Redemption Terms and Restrictions as of June 30, 2017 and 2016

2017 Fair Value Redemption Terms Redemption Restrictions Cash and cash equivalents $ 935,446 Daily,

with same-day to 90 day notice No restrictions

Derivative contract collateral and short-term securities 137 N/A Not redeemable

Global equities 1,147,012 Daily to annually,

with 1 to 90 day notice

Lock-up provision ranging from

none to 4 years

Fixed income 363,487 Daily, with 1 to 90 day notice No restrictions

Private capital 1,151,000 N/A Not redeemable

Hedged strategies 1,260,019 Daily to annually, with 1 to 180 day notice

Lock-up provision ranging from none to 3 years

Commodities 133,644 Daily to annually,

with 1 to 30 day notice

No restrictions

Natural resources 261,431 N/A Not redeemable

Real estate 168,377 N/A Not redeemable

Trusts 4,371 N/A Not redeemable

Other investments 6,153 N/A Not redeemable

Interests in trusts held by others 28,577 N/A Not redeemable

14. RETIREMENT PLANS

Vanderbilt’s full-time faculty and staff members participate in de-

fined contribution retirement plans administered by third-party in-

vestment and insurance firms. For eligible employees with one year

of continuous service, these plans require employee and matching

employer contributions. The employee immediately vests in these

contributions.

Vanderbilt funds the obligations under these plans through monthly

transfers to the respective retirement plan administrators with the cor-

responding expenses recognized in the year incurred. Vanderbilt’s

retirement plan contributions for fiscal 2017 and 2016 were $18.6

million and $16.2 million, respectively.

15. STUDENT FINANCIAL AID

Vanderbilt provides financial aid to students based upon need and

merit. Institutional resources, contributions, endowment distribu-

tions, and externally sponsored programs fund this financial assis-

tance.

For the fiscal years ended June 30, financial aid for tuition and edu-

cation fees was as follows (in thousands):

2017 2016

Tuition and educational fees, gross $ 513,103 $ 495,330 Less: Financial aid for tuition and

educational fees (231,424) (215,563)

Tuition and educational fees, net $ 281,679 $ 279,767

For the fiscal years ended June 30, financial aid for room and board

was as follows (in thousands):

2017 2016

Room and board, gross $ 79,278 $ 80,034

Less: Financial aid for room and board (33,812) (33,464)

Room and board, net $ 45,466 $ 46,570

2121

16. FUNCTIONAL CLASSIFICATION OF EXPENSES AND ALLOCATIONS

The following tables summarize operating expenses for the fiscal

years ended June 30 (in thousands):

2017 2016

Instruction $ 353,059 $ 347,601

Research 178,035 175,341

Public service 32,611 33,856 Academic support 126,331 112,875

Student services 127,761 123,159

Institutional support 201,618 188,495 Room, board, and other auxiliary services 184,757 148,226

Total operating expenses $ 1,204,172 $ 1,129,553

Natural expense classifications include certain allocations of institu-

tional and other support costs to Vanderbilt’s primary programs.

Based on the functional uses of space on its campus, Vanderbilt allo-

cated depreciation and interest on indebtedness to the functional op-

erating expense categories as follows (in thousands):

2017

Depreciation Interest

Instruction $ 14,912 $ 2,517 Research 13,356 1,458

Academic support 6,769 908

Student services 9,864 725 Institutional support 14,910 690

Room, board, and other

auxiliary services 21,520 8,320

Total $ 81,331 $ 14,618

2016

Depreciation Interest

Instruction $ 14,215 $ 2,772

Research 12,525 1,194

Academic support 7,053 970 Student services 9,927 1,247

Institutional support 13,256 1,208

Room, board, and other auxiliary services 19,933 7,448

Total $ 76,909 $ 14,839

17. RELATED PARTIES

Intermittently, members of Vanderbilt’s Board of Trust or Vanderbilt

employees may be directly or indirectly associated with companies

engaged in business activities with the university. Accordingly, Van-

derbilt has a written conflict of interest policy that requires, among

other things, that members of the university community (including

trustees) may not review, approve, or administratively control con-

tracts or business relationships when (a) the contract or business re-

lationship is between Vanderbilt and a business in which the individ-

ual or a family member has a material financial interest or (b) the

individual or a family member is an employee of the business and is

directly involved with activities pertaining to Vanderbilt.

Furthermore, Vanderbilt’s conflict of interest policy extends beyond

the foregoing business activities in that disclosure is required for any

situation in which an applicable individual’s financial, professional,

or other personal activities may directly or indirectly affect, or have

the appearance of affecting, an individual’s professional judgment in

exercising any university duty or responsibility, including the con-

duct or reporting of research.

The policy extends to all members of the university community (in-

cluding trustees, university officials, and faculty and staff and their

immediate family members). Each applicable person is required to

certify compliance with the conflict of interest policy on an annual

basis. This certification includes specifically disclosing whether

Vanderbilt conducts business with an entity in which he or she (or an

immediate family member) has a material financial interest as well

as any other situation that could appear to present a conflict with

Vanderbilt’s best interests. When situations exist relative to the con-

flict of interest policy, Vanderbilt takes active measures to manage

appropriately the actual or perceived conflict in the best interests of

the university, including periodic reporting of the measures taken to

the Board of Trust Audit Committee.

Vanderbilt has an ongoing economic relationship with VUMC, a sep-

arate legal entity, in the form of an Academic Affiliation Agreement

(AAA), a Trademark Licensing Agreement (TML), a Ground Lease,

and a Master Service Agreement (MSA). Refer to Note 20 to the con-

solidated financial statements for further detail.

18. LEASES

Vanderbilt is obligated under numerous operating leases to pay base

rent through the respective lease expiration dates. Operating leases

primarily consist of equipment and real property with remaining

lease terms of up to 10 years. Total operating lease expense was

$14.7 million and $18.4 million in the years ended June 30, 2017,

and June 30, 2016, respectively.

As of June 30, 2017, future committed minimum rentals by fiscal

year on significant noncancelable operating leases with initial terms

in excess of one year were as follows (in thousands):

2018 $ 13,224

2019 12,493

2020 12,143 2021 11,903

2022 10,660

Thereafter 44,121

Total future minimum rentals $ 104,544

2222

The following table provides a detail of significant noncancelable

operating leases by type (in thousands):

% of

Minimum Minimum

Rentals Rentals

Property leases 97% $ 101,256

Equipment leases 3% 3,288

Total future minimum rentals 100% $ 104,544

Property leases for buildings owned by Vanderbilt University

Medical Center (58%) and 2100 West End Avenue (28%) account

for approximately 86% of the total future minimum rentals.

19. COMMITMENTS AND CONTINGENCIES

(A) Construction. As of June 30, 2017, Vanderbilt had contractual

commitments for approximately $88.7 million of projects under

construction and equipment purchases. The largest components of

these commitments were for E. Bronson Ingram College ($74.7 mil-

lion) and Divinity School renovations ($9.4 million).

(B) Litigation. Vanderbilt is a defendant in several legal actions. On

August 12, 2016, Vanderbilt University was served with a lawsuit

in Federal District Court styled Cassell, et al. vs. Vanderbilt Univer-

sity, et al., No. 16-CV-02086 (M.D. Tenn.), seeking class action sta-

tus on behalf of the employee-participants in the Vanderbilt Univer-

sity Retirement Plan for an alleged breach of fiduciary duties in the

administration of its sponsored retirement program under 26 U.S.C.

Sec. 403(b). The Complaint in the lawsuit does not claim any spe-

cific amount of alleged damages but, rather, contends that such al-

leged damages must be determined through discovery in the matter.

In addition, on May 17, 2016, a former Vanderbilt football player

filed suit against the NCAA, the SEC, and Vanderbilt in the Middle

District of Florida in Orlando seeking class action status for students

who played football at Vanderbilt between 1952 and 2010. The suit

is styled Walthour v. Vanderbilt University, et al., No. 16-cv-834

(M.D. Fl.). Walthour alleged he suffered "several" concussions and

now has cognitive functioning problems, such as loss of memory,

mood swings, sensitivity to light, and blackouts. The suit has been

transferred to the Northern District of Illinois for pre-trial purposes

as a tag-along action to the multi-district litigation styled In re: Na-

tional Collegiate Athletic Association Student-Athlete Concussion

Injury Litigation, MDL No. 2492.

A pseudonymous complaint, ZJ v. Vanderbilt University, Tenn. Cir.

Ct. 17C1122 (May 5, 2017) by a former student, “ZJ,” was filed

against Vanderbilt University in Davidson County, Tennessee Cir-

cuit Court in May 2017. The complaint which, as subsequently

amended, includes a claim under Title IX and nine other state and

federal claims, alleges that Vanderbilt wrongfully expelled the

plaintiff based on an investigation conducted pursuant to the univer-

sity’s Sexual Misconduct Policy. The plaintiff seeks various relief

including compensatory and punitive damages “in an amount not

less than Ten Million Dollars ($10,000,000).” Vanderbilt removed

the case to U.S. District Court for the Middle District of Tennessee

and filed a Motion to Dismiss, which is pending.

Finally, in United Therapeutics Corp. v. Vanderbilt University and

Dr. James Loyd, M.D.N.C. (Aug. 17, 2017), United Therapeutics, a

drug company, filed suit against Vanderbilt alleging breach of a

1997 Research Grant Agreement for what United Therapeutics al-

leges was a failure by Vanderbilt to collaborate in the defense of

certain patents held by United Therapeutics. The complaint requests

damages, but does not specify the amount at this time.

Vanderbilt believes that the outcome of these actions will not have

a significant effect on its consolidated financial position.

(C) Regulations. Vanderbilt’s compliance with regulations and laws

is subject to future government reviews and interpretations, as well

as regulatory actions unknown at this time. Vanderbilt believes that

any potential liability from such reviews would not have a signifi-

cant effect on Vanderbilt’s consolidated financial position.

(D) Employee Health and Workers Compensation Insurance. Van-

derbilt is self-insured for employee health insurance and workers

compensation coverage. Vanderbilt bases estimated liabilities upon

studies conducted by independent actuarial firms.

(E) Federal and State Contracts and Other Requirements. Expend-

itures related to federal and state grants and contracts are subject to

adjustment based upon review by the granting agencies. Amounts

of expenditures that granting agencies might disallow cannot be de-

termined at this time. These amounts affect government grants and

contract revenue as well as facilities and administrative cost recov-

ery. Vanderbilt would not expect these costs to materially impact

the consolidated financial position.

(F) Partnership Investment Commitments. Vanderbilt had $531.0

million of commitments to venture capital, real estate, and private

equity investments as of June 30, 2017. At the request of the gen-

eral partners, Vanderbilt may be required to contribute funds over

the next several years. Vanderbilt expects to finance these commit-

ments with available cash and expected proceeds from the sales of

securities. Included in these commitments is $11.6 million of com-

mitments for which Vanderbilt is a secondary guarantor for com-

mitments in certain investment vehicles where minority limited

partners in subsidiaries that Vanderbilt controls have the primary

obligations.

20. DISCONTINUED OPERATIONS

On April 29, 2016, Vanderbilt transferred clinical services opera-

tions, post-graduate training programs, and clinical department re-

search activities, along with the related assets and liabilities, to

VUMC, a newly incorporated Tennessee not-for-profit corporation,

in exchange for consideration of $1,230.0 million.

The following table sets forth the components of discontinued oper-

ations in fiscal 2016 (in thousands):

2323

2016

Health care services revenue $ 2,543,322

Other revenue 375,449

Total revenues 2,918,771

Salaries, wages, and benefits 1,550,915

Supplies, services, and other 1,136,550

Depreciation and amortization 37,711 Interest 28,904

Non-operating expense 17,435

Total expenses 2,771,515

Income from discontinued operations 147,256

Loss on disposal of discontinued operations (317,856)

Change in net assets from

discontinued operations, net $ (170,600)

VUMC operations, reported in discontinued operations, generated in-

come of $147.3 million for the year ended June 30, 2016. The change

in net assets from discontinued operations for the year ended June 30,

2016, also includes a loss totaling $317.9 million related to the sale

of VUMC assets and liabilities. Vanderbilt also reported Transaction-

related expenses of $10.1 million within discontinued operations for

the year ended June 30, 2016.

Through the Transaction, the university received consideration of

$1,230.0 million, which consisted of cash of $1,130.0 million and a

$100.0 million note receivable to be paid over 20 years (May 2016

through April 2036) in exchange for assets and liabilities whose net

book value as of the Transaction date totaled $2,090.8 million and

$542.9 million, respectively. The assets and liabilities transferred

were subject to final adjustments within the 90 days following the

Transaction date.

During fiscal 2016, Vanderbilt defeased $530.2 million of tax-ex-

empt debt associated with financing of VUMC assets transferred

through the Transaction. Additionally, in conjunction with the Trans-

action, Vanderbilt redeemed $250.0 million par of Series 2009A debt

and retired $69.0 million par of taxable commercial paper. Vanderbilt

allocated interest expense associated with the aforementioned debt of

$23.1 million to discontinued operations for the year ended June 30,

2016. Costs incurred related to the defeasance of the aforementioned

debt of $76.6 million are included in other changes in net assets from

continuing operations for the period ended June 30, 2016.

Through the Transaction, Vanderbilt novated to VUMC $150.0 mil-

lion notional of fixed-rate payer interest rate exchange agreements.

During the year ended June 30, 2016, Vanderbilt also terminated

$115.0 million notional of fixed-rate payer interest rate exchange

agreements at a cost of $44.0 million. Vanderbilt reported these ter-

mination costs within continuing operations as a component of the

change in appreciation of interest rate exchange agreements for the

year ended June 30, 2016. VUMC funded the termination costs asso-

ciated with these agreements through proceeds received in conjunc-

tion with the Transaction. Vanderbilt reported interest expense asso-

ciated with the novated and terminated interest rate exchange agree-

ments terminated in conjunction with the Transaction of $5.6 million

within discontinued operations in the year ended June 30, 2016.

Following the Transaction, Vanderbilt has an ongoing economic re-

lationship with VUMC in the form of an Academic Affiliation

Agreement (AAA), a Trademark Licensing Agreement (TML), a

Ground Lease, and a Master Service Agreement (MSA).

The AAA recognizes the ongoing academic, research, and clinical

affiliation between the university and VUMC for all of the univer-

sity’s degree-granting, certificate, and research programs. The AAA

serves to allocate responsibility between the university and VUMC

for jointly administered academic programs, residency programs, and

ongoing roles and rights of the university. Vanderbilt reported reve-

nues of $71.5 million and $11.7 million under the AAA in affiliated

entity revenue for the years ended June 30, 2017 and 2016, respec-

tively. The AAA will remain in effect until termination of the TML

or Ground Lease.

Pursuant to the TML, the university grants, subject to certain con-

sents and approvals, a perpetual license to VUMC to use various uni-

versity-owned licensed marks in connection with VUMC’s funda-

mental activities after the Transaction date. The licensed marks,

which VUMC will continue to use as the primary brands of VUMC,

include virtually all those currently in use by VUMC. Vanderbilt re-

ported revenues of $96.9 million and $15.2 million under the TML

in trademark, license, and royalty revenue for the years ended June

30, 2017 and 2016, respectively. The TML will remain in effect until

termination of the AAA or Ground Lease.

During the years ended June 30, 2017 and 2016, Vanderbilt recog-

nized interest income of $3.1 million and $0.5 million, respectively,

and received principal payments of $5.0 million and $0.8 million,

respectively, associated with the promissory note receivable from

VUMC. Promissory note interest income is reported in trademark,

license, and royalty revenue.

The Ground Lease allows VUMC to use the land on which its campus

and related buildings are located. Vanderbilt reported revenues of

$18.1 million and $3.0 million under the Ground Lease in room,

board, and auxiliary revenue for the years ended June 30, 2017 and

2016, respectively. The initial term of the Ground Lease ends June

30, 2114 with the option to extend for up to two additional terms of

50 to 99 years each upon mutual agreement by Vanderbilt and

VUMC.

Following the Transaction, Vanderbilt and VUMC provide specified

services to one another for agreed-upon consideration subsequent to

the Transaction as outlined in the MSA. Vanderbilt continues to pro-

vide services to VUMC such as IT support, utilities, and law enforce-

ment staffing. Vanderbilt reported revenues of $125.0 million and

$19.7 million associated with these services in the years ended June

30, 2017 and 2016, respectively. Vanderbilt reported these revenues

as affiliated entity, auxiliary, or other revenues based on the nature

of the underlying services provided.

In conjunction with the Transaction, VUMC pledged $12.0 million

in support of trans-institutional programs (TIPs) benefitting fiscal

years 2017 through 2020. Vanderbilt received this amount in June

2017 and reported $3.0 million associated with fiscal year 2017 as

net assets released from restriction in the year ended June 30, 2017.

VUMC will continue to provide health care, graduate medical edu-

cation and training, and clinically related research to Vanderbilt.

Vanderbilt incurred $51.2 million and $7.5 million of expenses re-

lated to services provided by VUMC reported as supplies, services,

and other in the years ended June 30, 2017 and 2016, respectively.

The terms of these service agreements between Vanderbilt and

VUMC are unique to each agreement.

Revenues of $235 million previously eliminated upon consolidation

are included within continuing operations as affiliated entity reve-

nue for the year ended June 30, 2016. These revenues reflect ser-

vices provided to VUMC prior to the Transaction date that continue

under the aforementioned agreements subsequent to the Transac-

tion. Discontinued operations reflects the associated expense in-

curred by VUMC in fiscal 2016.

2424

VANDERBILT UNIVERSITY ADMINISTRATION

General Officers

Nicholas S. Zeppos, J.D.

Chancellor

Susan R. Wente, Ph.D.

Provost and Vice Chancellor for Academic Affairs

Audrey J. Anderson, J.D.

Vice Chancellor, General Counsel, and Secretary of the

University

Steve Ertel

Vice Chancellor for Communications

Nathan Green

Interim Vice Chancellor for Public Affairs

Anders W. Hall, M.B.A

Vice Chancellor for Investments and Chief Investment

Officer

Eric C. Kopstain, M.B.A

Vice Chancellor for Administration

John M. Lutz, A.B.

Vice Chancellor for Information Technology

Tina L. Smith, Ed.D.

Interim Vice Chancellor for Equity, Diversity and Inclusion

and Interim Chief Diversity Officer

Susie S. Stalcup, B.B.A., C.F.P.

Vice Chancellor for Development and Alumni Relations

Brett Sweet, M.B.A.

Vice Chancellor for Finance and Chief Financial Officer

David Williams II, J.D., LL.M., M.B.A.

Vice Chancellor for Athletics and University Affairs and

Athletics Director

Deans

Mark Bandas, Ph.D.

Associate Provost and Dean of Students

Vanessa Beasley, M.A., Ph.D.

Dean of Commons

Camilla P. Benbow, M.A., M.S., Ed.D.

Dean of Peabody College

Lauren Benton, Ph.D.

Dean of the College of Arts and Science

Douglas L. Christiansen , Ph.D.

Vice Provost for Enrollment Management and Dean of

Admissions

Philippe Fauchet , Ph.D.

Dean of the School of Engineering

Chris Guthrie, J.D., Ed.M.

Dean of the Law School

M. Eric Johnson, Ph.D.

Dean of the Owen Graduate School of Management

Lawrence J. Marnett, Ph.D.

Dean of Basic Sciences, School of Medicine

Linda Norman, DSN, R.N.

Dean of the School of Nursing

Emilie Townes , B.A., M.A., D.Min., Ph.D.

Dean of the Divinity School

Mark Wait, M.M., D.M.A.

Dean of the Blair School of Music

Mark Wallace, Ph.D.

Dean of the Graduate School

2525

BOARD OF TRUST

Officers

Bruce R. Evans

Chairman

Jeffrey J. Rothschild

Vice-Chairman

Jon Winkelried

Vice-Chairman

Shirley M. Collado

Secretary

Nicholas S. Zeppos

Chancellor of the University

Members

Greg S. Allen

Lee M. Bass

Adolpho A. Birch III

Daniel M. Crown

Charles H. Esserman

Jay C. Hoag

John R. Ingram

Kathleen E. Justice-Moore

Carroll E. Kimball

Steven H. Madden

Mark P. Mays

Courtney C. Pastrick

David W. Patterson, M.D.

Ross Perot, Jr.

Sid Sapru

Robert C. Schiff, Jr., M.D.

Alexander C. Taylor, Jr.

Patricia Early White

Mark Wilf

Trustees Emeriti

Mary Beth Adderley

Michael L. Ainslie

William W. Bain, Jr.

Darryl D. Berger

Camilla Dietz Bergeron

Dennis C. Bottorff

Lewis M. Branscomb

Thomas F. Cone

Cecil D. Conlee

Brownlee O. Currey, Jr.

Mark F. Dalton

Claiborne P. Deming

Frank A. Godchaux III

John R. Hall

H. Rodes Hart

Joanne F. Hayes

Martha R. Ingram

J. Hicks Lanier

Jackson W. Moore

Edward A. Malloy, C.S.C.

Kenneth L. Roberts

Joe L. Roby

Eugene B. Shanks, Jr.

Richard H. Sinkfield

Cal Turner

J. Stephen Turner

Eugene H. Vaughan

Dudley Brown White

W. Ridley Wills II

J. Lawrence Wilson

Rebecca Webb Wilson

William M. Wilson

2626

SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS

2727

Vanderbilt University

Schedule of Expenditures of Federal Awards

For Year Ended June 30, 2017

Federal Grantor/Pass-Through Grantor/Program or Cluster Title

Federal

CFDA

Number

Pass-Through Entity

Identifying Number

Passed

Through to

Subrecipients

Total Federal

Expenditures

Research and Development Cluster

Department of Agriculture

Department of Agriculture Direct Programs

Agriculture and Food Research Initiative (AFRI) 10.310 30,340$ 207,439$

Subtotal Department of Agriculture Direct Programs 30,340 207,439

Department of Agriculture Pass-Through Programs From:

University of Michigan - Unknown/No CFDA 10.RD VU#-4282704753 10,845

University of Memphis - Biotechnology Risk Assessment Research 10.219 2014-33522-21826 16,698

Vanderbilt University Medical Center - Agriculture & Food Research Initiative 10.310 2017-680001-26352 10,894

Subtotal Department of Agriculture Pass-Through Programs 38,437

Total Department of Agriculture 30,340 245,876

Department of Commerce

Department of Commerce Direct Programs

Measurement and Engineering Research and Standards 11.609 504,761

Arrangements for Interdisciplinary Research Infrastructure 11.619 357,856

Science, Technology, Business and/or Education Outreach 11.620 5,500

Subtotal Department of Commerce Direct Programs 868,117

Total Department of Commerce - 868,117

Department of Defense

Air Force Direct Programs

Basic and Applied Scientific Research 12.300 101,740 669,091

Air Force Defense Research Sciences Program 12.800 95,847 1,521,152

Subtotal Air Force Direct Programs 197,587 2,190,243

Air Force Pass-Through Programs From:

High Performance Technologies, Inc. - Unknown/No CFDA 12.RD GS04T09DBC0017 19,642

Florida State University - Military Medical Research and Development 12.420 W81XWH-10-2-00181 889

Vanderbilt University Medical Center - Military Medical Research and Development 12.420 VUMC 61516/W81XWH-17-2 849

Wake Forest University - Military Medical Research and Development 12.420 W81XWH-15-0574 7,277

Aptima, Inc. - Air Force Defense Research Sciences Program 12.800 FA8650-15-C-6615 35,154

General Electric Company - Air Force Defense Research Sciences Program 12.800 FA8650-14-D-2443 (137)

Georgia Institute of Technology - Air Force Defense Research Sciences Program 12.800 FA9550-15-1-0512 54,269

Georgia Institute of Technology - Air Force Defense Research Sciences Program 12.800 FA8075-14-D-0018-0002 1,484,821

Global Technology Connection, Inc. - Air Force Defense Research Sciences Program 12.800 FA8501-15-P-0045 1,838

Global Technology Connection, Inc. - Air Force Defense Research Sciences Program 12.800 FA8501-15-C-0030 41,472

2828

Vanderbilt University

Schedule of Expenditures of Federal Awards

For Year Ended June 30, 2017

Federal Grantor/Pass-Through Grantor/Program or Cluster Title

Federal

CFDA

Number

Pass-Through Entity

Identifying Number

Passed

Through to

Subrecipients

Total Federal

Expenditures

Global Technology Connection, Inc. - Air Force Defense Research Sciences Program 12.800 FA8501-17-C-0009 2,637

Northrop Grumman Corporation - Air Force Defense Research Sciences Program 12.800 FA8650-16-C-2624 79,263

PC Krause and Associates, Inc. - Air Force Defense Research Sciences Program 12.800 FA8650-04-D-0015 83,500

Raytheon Company - Air Force Defense Research Sciences Program 12.800 FA8750-16-C-0044 228,515

Rolls-Royce Corporation - Air Force Defense Research Sciences Program 12.800 FA8650-06-5211 207,901

Scientic, Inc. - Air Force Defense Research Sciences Program 12.800 FA8650-13-C-1605 400

Securboration, Inc. - Air Force Defense Research Sciences Program 12.800 FA8750-16-C-0184 27,154

University of Dayton Research Institute - Air Force Defense Research Sciences Program 12.800 FA8650-12-D-3212/0016 21,254

Subtotal Air Force Pass-Through Programs 2,296,698

Total Air Force 197,587 4,486,941

Army Direct Programs

Unknown/No CFDA 12.RD 753,426

Aquatic Plant Control 12.100 17

Military Medical Research and Development 12.420 170,486 2,996,896

Basic Scientific Research 12.431 425,392

Subtotal Army Direct Programs 170,486 4,175,731

Army Pass-Through Programs From:

Kent Optronics, Inc. - Unknown/No CFDA 12.RD W56HZ-16-C-0146 33,333

Step Tools, Inc. - Youth Conservation Services 12.010 W31P4Q-14-2-0001 19,176

Advanced Technology International - Collaborative Research and Development 12.114 W81XWH-15-0-0001 73,906

12.351 HDTRA1-13-1-0034 (5,977)

Rehabilitation Institute Research Corporation - Military Medical Research and Development 12.420 W81XWH-15-2-0041 253,039

Vanderbilt University Medical Center - Military Medical Research and Development 12.420 BC141789 (6,930)

Vanderbilt University Medical Center - Military Medical Research and Development 12.420 BA: W81XWH-12-1-0159 (6,149)

Vanderbilt University Medical Center - Military Medical Research and Development 12.420 MR141315 (7,737)

Vanderbilt University Medical Center - Military Medical Research and Development 12.420 VUMC 59895/W81XWH-15-1 18,972

Vanderbilt University Medical Center - Military Medical Research and Development 12.420 W81XWH-13-1-0287 18,554

Wake Forest University - Military Medical Research and Development 12.420 W81XWH-14-2-0004 31,800 195,111

Metamorph, Inc. - Basic, Applied, and Advanced Research in Science and Engineering 12.630 W31P4Q-14-2-0001 40,429

Subtotal Army Pass-Through Programs 31,800 625,727

Total Army 202,286 4,801,458

Navy Direct Programs

Basic and Applied Scientific Research 12.300 213,762 1,058,856

Subtotal Navy Direct Programs 213,762 1,058,856

Navy Pass-Through Programs From:

Johns Hopkins University - Unknown/No CFDA 12.RD N00024-03-D-6400 30,577

URS Corporation - Unknown/No CFDA 12.RD N00178-04-D-4042 79,938

Vanderbilt University Medical Center - Basic Scientific Research - Combating Weapons of

Mass Destruction

2929

Vanderbilt University

Schedule of Expenditures of Federal Awards

For Year Ended June 30, 2017

Federal Grantor/Pass-Through Grantor/Program or Cluster Title

Federal

CFDA

Number

Pass-Through Entity

Identifying Number

Passed

Through to

Subrecipients

Total Federal

Expenditures

Charles Stark Draper Laboratory, Inc. - Basic and Applied Scientific Research 12.300 N00030-13-C-0007 147,011

Discerning Technologies, LLC - Basic and Applied Scientific Research 12.300 N00014-15-C0024 204,923

Fisk University - Basic and Applied Scientific Research 12.300 N00174-16-C-0008 29,973

North Carolina State University - Basic and Applied Scientific Research 12.300 N00014-10-1-0958 166,211

Oregon State University - Basic and Applied Scientific Research 12.300 N00014-13-C-0084 27,431

United Technologies Research Center - Basic and Applied Scientific Research 12.300 N00014-2-C-0394 (67,031)

Subtotal Navy Pass-Through Programs - 619,033

Total Navy 213,762 1,677,889

Defense Advanced Research Projects Agency Direct Programs

Basic Scientific Research 12.431 510,660 2,854,995

Research and Technology Development 12.910 337,197 942,045

Subtotal Defense Advanced Research Projects Agency Direct Programs 847,857 3,797,040

Defense Advanced Research Projects Agency Pass-Through Programs From:

IBIS Biosciences, Inc. - Unknown/No CFDA 12.RD HR0011-16-C-0065 199,529

Navy - Unknown/No CFDA 12.RD N66001-15-C-4033 14,867 412,119

Wright University - Unknown/No CFDA 12.RD VU#-4282903753 179,376

Air Force - Research and Technology Development 12.910 FA8750-15-2-0087 989,255 1,926,546

Emory University - Research and Technology Development 12.910 BAA-14-38 (12,285)

Inovio Pharmaceuticals - Research and Technology Development 12.910 W31P4Q-15-1-0003 (9,845)

Subtotal Defense Advanced Research Projects Agency Pass-Through Programs 1,004,122 2,695,440

Total Defense Advanced Research Projects Agency 1,851,979 6,492,480

Defense Threat Reduction Agency Direct Programs

Unknown/No CFDA 12.RD 11,243 46,609

12.351 111,140 1,860,178

Subtotal Defense Threat Reduction Agency Direct Programs 122,383 1,906,787

Defense Threat Reduction Agency Pass-Through Programs From:

Boeing Company - Unknown/No CFDA 12.RD 1167144 85,053

Los Alamos Laboratories - Unknown/No CFDA 12.RD 219709-1 (209) (29,728)

Reliable Microsystems, LLC - Unknown/No CFDA 12.RD HDTRA1-16-P-0065 42,128

12.351 HDTRA1-15-1-0039 121,761

12.351 HDTRA1-12-1-0031 150,221

12.351 HDTRA1-16-1-0032 232,710

12.351 HDTRA1-14-1-0057 155,268

12.351 HDTRA1-11-1-0023 SUB 1,612

12.351 HDTRA1-15-1-0027 167,812

12.351 HDTRA1-14-1-0042 169,916 University of Minnesota - Basic Scientific Research - Combating Weapons of Mass Destruction

Basic Scientific Research - Combating Weapons of Mass Destruction

Case Western Reserve University - Basic Scientific Research - Combating Weapons of Mass Destruction

Georgia Institute of Technology - Basic Scientific Research - Combating Weapons of Mass Destruction

Massachusetts Institute of Technology - Basic Scientific Research - Combating Weapons of Mass

Destruction

University of California, Santa Barbara - Basic Scientific Research - Combating Weapons of Mass

Destruction

Georgia Institute of Technology - Basic Scientific Research - Combating Weapons of Mass Destruction

University of Louisville - Basic Scientific Research - Combating Weapons of Mass Destruction

3030

Vanderbilt University

Schedule of Expenditures of Federal Awards

For Year Ended June 30, 2017

Federal Grantor/Pass-Through Grantor/Program or Cluster Title

Federal

CFDA

Number

Pass-Through Entity

Identifying Number

Passed

Through to

Subrecipients

Total Federal

Expenditures

Subtotal Defense Threat Reduction Agency Pass-Through Programs (209) 1,096,753

Total Defense Threat Reduction Agency 122,174 3,003,540

Missile Defense Agency Pass-Through Programs From:

Parsons - Unknown/No CFDA 12.RD 13-D-0015 (1,637)

Fifth Gait Technologies, Inc. - Air Force Defense Research Sciences Program 12.800 HQ0147-15-D-7006 45,598

Subtotal Missile Defense Agency Pass-Through Programs 43,961

Total Missile Defense Agency 43,961

National Reconnaissance Office Direct Programs

Unknown/No CFDA 12.RD 255,775

Subtotal National Reconnaissance Office Direct Programs 255,775

National Reconnaissance Office Pass-Through Programs From:

Ohio State University - Unknown/No CFDA 12.RD NRO000-13-C-0308 (1)

Subtotal National Reconnaissance Office Pass-Through Programs (1)

Total National Reconnaissance Office 255,774

Total Department of Defense 2,587,788 20,762,043

Housing and Urban Development

Housing and Urban Development Pass-Through Programs From:

ABT Associates, Inc. - Unknown/No CFDA 14.RD GS-10F-0086K/42126 22,393

ABT Associates, Inc. - Unknown/No CFDA 14.RD GS-10F-0086K/42125 61,098

Subtotal Housing and Urban Development Pass-Through Programs - 83,491

Total Housing and Urban Development - 83,491

Department of Interior

Department of Interior - Unknown/No CFDA 15.RD D15PC00304 566,553 642,526

Department of Interior - Water Desalination Research and Development 15.506 R15AC00088 35,034

Total for Department of Interior Direct Programs 566,553 677,560

Total Department of Interior 566,553 677,560

Department of Justice

Department of Justice Direct Programs

16.560 89,319

16.812 123,554

16.817 32,521 Byme Criminal Justice Innovation Program

National Institute of Justice Research, Evaluation, and Development Project Grants

Second Chance Act Reentry Initiative

3131

Vanderbilt University

Schedule of Expenditures of Federal Awards

For Year Ended June 30, 2017

Federal Grantor/Pass-Through Grantor/Program or Cluster Title

Federal

CFDA

Number

Pass-Through Entity

Identifying Number

Passed

Through to

Subrecipients

Total Federal

Expenditures

Subtotal Department of Justice Direct Programs 245,394

Department of Justice Pass-Through Programs From:

American Institute for Research - Unknown/No CFDA 16.RD AIR-2014DCBXK001/03737 41,518

State of Pennsylvania - Juvenile Justice and Delinquency Prevention_Allocation to States 16.540 2013-J-04-26556 PCCD 17,117

16.541 2010-JF-FX-2607 26,568

Georgetown University - Juvenile Justice Reform and Reinvestment Demonstration Prog 16.821 VU# 4264385033 4,956

Georgetown University - Juvenile Justice Reform and Reinvestment Demonstration Prog 16.821 VU# 4264385003 6,651

Georgetown University - Juvenile Justice Reform and Reinvestment Demonstration Prog 16.821 VU# 4264384813 520

Subtotal Department of Justice Pass-Through Programs - 97,330

Total Department of Justice - 342,724

Department of Labor

Department of Labor Direct Programs

International Labor Programs 17.401 139,476

Subtotal Department of Labor Direct Programs - 139,476

Total Department of Labor - 139,476

Department of State

Department of State Direct Programs

Public Diplomacy Programs 19.040 29,653

Subtotal Department of State Direct Programs - 29,653

Department of State Pass-Through Programs From:

19.010 S-ECAGD-16-CA-1014 193,090

19.010 S-ECAGD-15-CA-1017 3,524

19.010 VU#-4262604953 829

Subtotal Department of State Pass-Through Programs - 197,443

Total Department of State - 227,096

Department of Transportation

Department of Transportation Pass-Through Programs From:

TN Department of Transportation - No CFDA/Unknown 20.RD TDOT 40100-00517 31,335

University of Memphis - University Transportation Centers Program 20.701 VU# 4224114753 CFIRE-BASE PHS 2 1,032

University of Memphis - University Transportation Centers Program 20.701 VU# 4224114763 CFIRE-TSK OR 4 576

University of Memphis - University Transportation Centers Program 20.701 VU# 4224114773 CFIRE-TSK OR 5 11,522

University of Memphis - University Transportation Centers Program 20.701 VU# 4224114783 CFIRE - TASK ORDER 6 27,777

Institute of International Education, Inc. - Academic Exchange Programs - Hubert H. Humphrey Fellowship

Program

Institute of International Education, Inc. - Academic Exchange Programs - Hubert H. Humphrey Fellowship

Program

Georgetown University - Part E - Developing, Testing and Demonstrating Promising New

Programs

Institute of International Education, Inc. - Academic Exchange Programs - Hubert H. Humphrey Fellowship

Program

3232

Vanderbilt University

Schedule of Expenditures of Federal Awards

For Year Ended June 30, 2017

Federal Grantor/Pass-Through Grantor/Program or Cluster Title

Federal

CFDA

Number

Pass-Through Entity

Identifying Number

Passed

Through to

Subrecipients

Total Federal

Expenditures

University of Arkansas - University Transportation Centers Program 20.802 69A3551747130 12,462

Subtotal Department of Transportation Pass-Through Programs: - 84,704

Total U.S. Department of Transportation - 84,704

U.S. Treasury

U.S. Treasury - Direct Programs

U.S. Treasury - Unknown/CFDA 21.RD 104,392

Subtotal U.S. Treasury Direct Programs - 104,392

Total U.S. Treasury - 104,392

National Aeronautics and Space Administration

National Aeronautics and Space Administration Direct Programs

Unknown/No CFDA 43.RD 610,843 1,988,175

Subtotal National Aeronautics and Space Administration Direct Programs 610,843 1,988,175

National Aeronautics and Space Administration Pass-Through Programs From:

California Institute of Technology - Unknown/No CFDA 43.RD JPL 1568812 45,662

CFD Research Corporation - Unknown/No CFDA 43.RD NNX16CG55P 24,300

CFD Research Corporation - Unknown/No CFDA 43.RD 20160317 41,649

Colorado School of Mines - Unknown/No CFDA 43.RD NASA/CSM/400571-5801 3,029

IOP Technologies - Unknown/No CFDA 43.RD VU#-4224203595 101,088

Massachusetts Institute of Technology - Unknown/No CFDA 43.RD 5710003558 46,158

Metrolaser, Inc. - Unknown/No CFDA 43.RD VU#-4224503513 14,044

Metrolaser, Inc. - Unknown/No CFDA 43.RD VU12NN04-NNX16CS08P 32,800

NASA Jet Propulsion Lab - Unknown/No CFDA 43.RD JPL 1552852 12,358

Qualtech Systems, Inc. - Unknown/No CFDA 43.RD NNX15CA11C/QSI-DSC-15 85,959

Scientic, Inc. - Unknown/No CFDA 43.RD SCI.00566 106,343

Smithsonian Institute - Unknown/No CFDA 43.RD GO6-17013C 1,333

Space Telescope Science Institute - Unknown/No CFDA 43.RD HST-GO-12543.04-A 6,721

Space Telescope Science Institute - Unknown/No CFDA 43.RD HST-EO-12995.04-A 19,824

Space Telescope Science Institute - Unknown/No CFDA 43.RD HST-GO-14277.005-A 19,700

University of Hawaii - Unknown/No CFDA 43.RD MA1004 NNX16AE75G 20,000

University of Pittsburgh - Unknown/No CFDA 43.RD CASIS GA-2016-236 16,321

Subtotal National Aeronautics and Space Administration Pass-Through Programs - 597,289

Total National Aeronautics and Space Administration 610,843 2,585,464

National Foundation on the Arts and the Humanities

National Endowment for the Humanities Direct Programs

Unknown/No CFDA 45.RD 24

45.149 6,223 4,520

45.169 4,802

Subtotal National Endowment for the Humanities Direct Programs 6,223 9,346

Promotion of the Humanities_Office of Digital Humanities

Promotion of the Humanities_Division of Preservation and Access

3333

Vanderbilt University

Schedule of Expenditures of Federal Awards

For Year Ended June 30, 2017

Federal Grantor/Pass-Through Grantor/Program or Cluster Title

Federal

CFDA

Number

Pass-Through Entity

Identifying Number

Passed

Through to

Subrecipients

Total Federal

Expenditures

National Endowment for the Humanities Pass Through Programs

Texas A & M University - Promotion of the Humanities_Division of Preservation and Access 45.149 02-S150269 70,290

Subtotal National Endowment for the Humanities Pass Through Programs - 70,290

Total National Endowment for the Humanities 6,223 79,636

Total National Foundation on the Arts and the Humanities 6,223 79,636

National Science Foundation

National Science Foundation Direct Programs

Unknown/No CFDA 47.RD 693,061

Engineering Grants 47.041 116,046 2,621,315

Mathematical and Physical Sciences 47.049 77,647 3,210,138

Geosciences 47.050 317,000 1,671,688

Computer and Information Science and Engineering 47.070 460,558 4,818,092

Biological Sciences 47.074 1,201,512

Social, Behavioral, and Economic Sciences 47.075 33,492 977,410

Education and Human Resources 47.076 283,344 4,969,454

Office of International and Integrative Activities 47.079 50,670

Office of Cyberinfrastructure 47.080 451,622

Subtotal National Science Foundation Direct Programs 1,288,087 20,664,962

National Science Foundation Pass-Through Programs From:

Biological Sciences Curriculum Study - Unknown/No CFDA 47.RD VU#-4264383013 4,507

Northwestern University - Unknown/No CFDA 47.RD VU#-4262113073 19,920

Volumetrix LLC - Unknown/No CFDA 47.RD VU-KV#3870 19,308 93,999

Rutgers, The State University of New Jersey - Engineering Grants 47.041 SUB#0020 32,677

Syndax Pharmaceuticals, Inc. - Engineering Grants 47.041 IIP1622828 2,129

University of Minnesota - Engineering Grants 47.041 EEC0540834 T5306692601 638

Princeton University - Mathematical and Physical Sciences 47.049 00002027 6,792

University of Notre Dame - Mathematical and Physical Sciences 47.049 QUARKNET 2016 VU#-4206333413 4,463

Dartmouth College - Computer and Information Science and Engineering 47.070 1345 VU#-4254003003 136,552

University of California, Berkeley - Computer and Information Science and Engineering 47.070 CCF0424422 UCB 47,635

Vanderbilt University Medical Center - Computer and Information Science and Engineering 47.070 IIS-1418504 8,500

Vanderbilt University Medical Center - Computer and Information Science and Engineering 47.070 BA: 1536871 39,352

College of William and Mary - Social, Behavioral, and Economic Sciences 47.075 VU#-4205203233 8,313

University of California, San Diego - Social, Behavioral, and Economic Sciences 47.075 PO 10321072-SUB UCSD 117,187

Michigan State University - Education and Human Resources 47.076 RC103138VU 44,977

Purdue University - Education and Human Resources 47.076 4101-77570 12,389

Tennessee State University - Education and Human Resources 47.076 332.77-16.014 452,405

3434

Vanderbilt University

Schedule of Expenditures of Federal Awards

For Year Ended June 30, 2017

Federal Grantor/Pass-Through Grantor/Program or Cluster Title

Federal

CFDA

Number

Pass-Through Entity

Identifying Number

Passed

Through to

Subrecipients

Total Federal

Expenditures

Tennessee State University - Education and Human Resources 47.076 HRD1305062 42,713

University of Maryland - Education and Human Resources 47.076 Z379203 1,868

University of Wisconsin - Education and Human Resources 47.076 DUE1231286/492K693 29,745

Columbia University - Office of International and Integrative Activities 47.079 5-24879 9,002

Subtotal National Science Foundation Pass-Through Programs 19,308 1,115,763

Total National Science Foundation 1,307,395 21,780,725

Veteran Affairs

Veteran Affairs Direct Programs

Unknown/No CFDA 64.RD 56,315

Subtotal Veteran Affairs Direct Programs - 56,315

Total Veteran Affairs - 56,315

Environmental Protection Agency

Environmental Protection Agency Direct Programs

Science to Achieve Results (STAR) Research 66.509 521,564 1,208,784

66.516 9,487

Subtotal Environmental Protection Agency Direct Programs 521,564 1,218,271

Environmental Protection Agency Pass Through Programs

Jacobs Technology, Inc. - Pollution Prevention Grants Program 66.708 EPATP-000000386 95,607

Jacobs Technology, Inc. - Pollution Prevention Grants Program 66.708 VU-001-RP 57,567

Subtotal Environmental Protection Agency Pass Through Programs - 153,174

Total Environmental Protection Agency 521,564 1,371,445

Nuclear Regulatory Commission

Nuclear Regulatory Commission Direct Programs

U.S. Nuclear Regulatory Commission Scholarship and Fellowship Program 77.008 147,528

Subtotal Nuclear Regulatory Commission Direct Programs - 147,528

Total Nuclear Regulatory Commission - 147,528

P3 Award: National Student Design Competition for Sustainability

3535

Vanderbilt University

Schedule of Expenditures of Federal Awards

For Year Ended June 30, 2017

Federal Grantor/Pass-Through Grantor/Program or Cluster Title

Federal

CFDA

Number

Pass-Through Entity

Identifying Number

Passed

Through to

Subrecipients

Total Federal

Expenditures

Department of Energy

Department of Energy Direct Programs

Unknown/No CFDA 81.RD 10,509 90,016

Office of Science Financial Assistance Program 81.049 1,626,941 6,118,302

Conservation Research and Development 81.086 254,743

Renewable Energy Research and Development 81.087 89,017

Nuclear Energy Research, Development and Demonstration 81.121 514,846

Advanced Research Projects Agency - Energy 81.135 247,292 1,000,345

Subtotal Department of Energy Direct Programs 1,884,742 8,067,269

Department of Energy Pass-Through Programs From:

Electric Power Research Institute - Unknown/No CFDA 81.RD 10007265 1-108953-01-0 29,111

Fermi National Accelerator Laboratory - Unknown/No CFDA 81.RD DOE/FERMILAB PO579879 35,289

Fermi National Accelerator Laboratory - Unknown/No CFDA 81.RD PO 631563 24,114

Fermi National Accelerator Laboratory - Unknown/No CFDA 81.RD PO 623600 3,696

Idaho National Laboratory - Unknown/No CFDA 81.RD VU#2545 0014530 148,076

Sandia National Laboratories - Unknown/No CFDA 81.RD PO 1388902 40,016

Sandia National Laboratories - Unknown/No CFDA 81.RD PO 1643376 77,207

Savannah River National Laboratory - Unknown/No CFDA 81.RD 0000163498 SRNS 1,551

The Babcock & Wilcox Company - Unknown/No CFDA 81.RD 4300100092 77,949

The Institute for Advanced Composites Manufacturing Innovation - Unknown/No CFDA 81.RD PA16-0349-3.2-01 445,424

The Institute for Advanced Composites Manufacturing Innovation - Unknown/No CFDA 81.RD PA16-0349-6.1-01 576,706

The Institute for Advanced Composites Manufacturing Innovation - Unknown/No CFDA 81.RD PA16-0349-4.2-01 171,343

The Institute for Advanced Composites Manufacturing Innovation - Unknown/No CFDA 81.RD PA16-0349-3.8-01 67,130

UT-Battelle, LLC - Unknown/No CFDA 81.RD 4000130218 1,188

UT-Battelle, LLC - Unknown/No CFDA 81.RD 4000152142 34,700

UT-Battelle, LLC - Unknown/No CFDA 81.RD 4000134825 11,855

UT-Battelle, LLC - Unknown/No CFDA 81.RD 4000136098 53,089

UT-Battelle, LLC - Unknown/No CFDA 81.RD 4000084740 102,043

UT-Battelle, LLC - Unknown/No CFDA 81.RD 4000150803 187,084

UT-Battelle, LLC - Unknown/No CFDA 81.RD VU#-4282864253 12,255

UT-Battelle, LLC - Unknown/No CFDA 81.RD 400135129 (3,638)

UT Battelle, LLC - Office of Science Financial Assistance Program 81.049 4000101604 3,302

3M Company - Renewable Energy Research and Development 81.087 USMMMDG86C DE-EE000636 63,190

Arizona State University - Nuclear Energy Research, Development and Demonstration 81.121 14-434 DE-NE0000675 95,765

Electric Power Research Institute - Nuclear Energy Research, Development and Demonstration 81.121 10006360/1-108414-01-0 58,816

Vanderbilt University Medical Center - Nuclear Energy Research, Development and Demonstration 81.121 DE-NE008267 2,313

Subtotal Department of Energy Pass-Through Programs - 2,319,574

Total Department of Energy 1,884,742 10,386,843

Department of Education

Department of Education Direct Programs

84.015 373,244

National Resource Centers Program for Foreign Language and Area Studies or Foreign

Language and International Studies Program and Foreign Language and Area Studies

3636

Vanderbilt University

Schedule of Expenditures of Federal Awards

For Year Ended June 30, 2017

Federal Grantor/Pass-Through Grantor/Program or Cluster Title

Federal

CFDA

Number

Pass-Through Entity

Identifying Number

Passed

Through to

Subrecipients

Total Federal

Expenditures

Overseas Programs - Doctoral Dissertation Research Abroad 84.022 16,989

Graduate Assistance in Areas of National Need 84.200 567,773

Education Research, Development and Dissemination 84.305 1,662,261 4,213,532

Research in Special Education 84.324 944,131 4,509,909

84.325 1,363,141 5,267,999

English Language Acquisition State Grants 84.365 295,647

Transition Programs for Students with Intellectual Disabilities into Higher Education 84.407 405,628

Subtotal Department of Education Direct Programs 3,969,533 15,650,721

Department of Education Pass-Through Programs From:

CNA Analysis & Solutions - Unknown/No CFDA 84.RD 4262602093 36,532

Columbia University - Unknown/No CFDA 84.RD 4262602093 116,836

Florida State University - Unknown/No CFDA 84.RD 4262602103 19,094

National Board for Professional Teaching Standards - Unknown/No CFDA 84.RD VU#-4262102005 24,024

State of Montana - Unknown/No CFDA 84.RD 1602PROS0303 149,054

State of Montana - Unknown/No CFDA 84.RD 1702PROS0303 64,237

University of Iowa - Unknown/No CFDA 84.RD R324A160076 128,294

University of Texas at Austin - Unknown/No CFDA 84.RD R305A160026 38,364

TN Department of Education - Special Education - Grants for Infants & Families 84.181 33195-00117 246,234

TN Department of Education - Special Education - Grants for Infants & Families 84.181 33195-01115 (80)

Brown University - Education Research, Development and Dissemination 84.305 R305E150005 401,326

Development Services Group - Education Research, Development and Dissemination 84.305 ED-IES-12-C-0084 103,258

Development Services Group - Education Research, Development and Dissemination 84.305 ED-IES-15-D-0003 81,243

Stanford University - Education Research, Development and Dissemination 84.305 R305E130009 17,045

Temple University - Education Research, Development and Dissemination 84.305 R305A150432 137,953

University of Nevada Las Vegas - Education Research, Development and Dissemination 84.305 R305A160100 26,159

University of Houston - Education Research, Development and Dissemination 84.305 R305A110067 (17,147)

University of Texas - Education Research, Development and Dissemination 84.305 R305F100013 47,294

Lehigh University - Research in Special Education 84.324 R324A160096 112,195

University of Delaware - Research in Special Education 84.324 R324C100004 U of DELAW 46,775

University of Florida - Research in Special Education 84.324 R324A150076 666,704

University of Kansas - Research in Special Education 84.324 R324A120344/FY2012-094 105,180

University of Maryland - Research in Special Education 84.324 R324A150181 32,375

Vanderbilt University Medical Center - Research in Special Education 84.324 R324A150029 (274)

Vanderbilt University Medical Center - Research in Special Education 84.324 VUMC/IES-R324A150029 18,305

Vanderbilt University Medical Center - Research in Special Education 84.324 R324A110266 (3,410)

84.325 H325H140002 116,451

84.325 H325K130226 (11,852)

84.325 BA: H325K160370-ABADIE 36,268

84.325 BA: H325K160370-AYERS 48,476

84.325 BA: H325K160370-BROTHE 36,268

Special Education - Personnel Development to Improve Services and Results for Children with

Disabilities

Vanderbilt University Medical Center - Special Education - Personnel Development to

Improve Services and Results for Children with Disabilities

Vanderbilt University Medical Center - Special Education - Personnel Development to

Improve Services and Results for Children with Disabilities

Vanderbilt University Medical Center - Special Education - Personnel Development to

Improve Services and Results for Children with Disabilities

Salus University - Special Education - Personnel Development to Improve Services and Results

for Children with Disabilities

Vanderbilt University Medical Center - Special Education - Personnel Development to

Improve Services and Results for Children with Disabilities

3737

Vanderbilt University

Schedule of Expenditures of Federal Awards

For Year Ended June 30, 2017

Federal Grantor/Pass-Through Grantor/Program or Cluster Title

Federal

CFDA

Number

Pass-Through Entity

Identifying Number

Passed

Through to

Subrecipients

Total Federal

Expenditures

84.325 BA: H325K130226-BROWN 12,208

84.325 BA: H325K160370-FOSNIG 11,852

84.325 BA: H325K160370-GODDEE 11,852

84.325 BA: H325K160371-HESTON 24,060

84.325 BA: H325K160370-JOHNST 36,268

84.325 BA: H325K160370-KAPPEL 36,624

84.325 BA: H325K130226-MCLAUG 24,416

84.325 BA: H325K120305-PREHN 36,624

84.325 BA: H325K160370-SUBA E 11,852

84.325 BA: H325K130226-TERHAR 24,060

84.325 BA: H325K130226-VERMIL 12,208

84.325 BA: H325K130226-WOLSKI 24,060

84.325 BA: H325K160371-WRIGHT 12,208

84.325 H325K120305 (2,482)

84.326 H326T130030 12,688

84.327 H327M110003 - CAST SUB 39,993

TN Higher Education Commission - Supporting Effective Instruction State Grant 84.367 33201-10117 5303 35,981

TN Higher Education Commission - Teacher Incentive Fund 84.374 33103-00116; 45984 28,510 60,082

TN Department of Education - Preschool Development Grants 84.419 S419B150026/46104 439,622

Subtotal Department of Education Pass-Through Programs 28,510 3,687,357

Total Department of Education 3,998,043 19,338,078

Department of Health and Human Services

Administration for Children and Families Direct Programs

Head Start 93.600 9,313

Subtotal Administration for Children and Families Direct Programs 9,313

Administration for Children and Families Pass-Through Programs From:

Zero to Three - Head Start 93.600 VU#-4262300014 15,389 198,119

93.632 90DD0807-01-00 2,213

93.632 90DD0807-02-00 130,216

Vanderbilt University Medical Center - Special Education - Personnel Development to

Improve Services and Results for Children with Disabilities

Vanderbilt University Medical Center - Special Education - Personnel Development to

Improve Services and Results for Children with Disabilities

Vanderbilt University Medical Center - Special Education - Personnel Development to

Improve Services and Results for Children with Disabilities

Vanderbilt University Medical Center - University Centers for Excellence in Developmental

Disabilities Education, Research, and Service

Vanderbilt University Medical Center - Special Education - Personnel Development to

Improve Services and Results for Children with Disabilities

Vanderbilt University Medical Center - Special Education - Personnel Development to

Improve Services and Results for Children with Disabilities

Center for Applied Special Technology - Special Education_Technology and Media Services for

Individuals with Disabilities

Vanderbilt University Medical Center - Special Education - Technical Assistance and

Dissemination to Improve Services and Results for Children with Disabilities

Vanderbilt University Medical Center - Special Education - Personnel Development to

Improve Services and Results for Children with Disabilities

Vanderbilt University Medical Center - Special Education - Personnel Development to

Improve Services and Results for Children with Disabilities

Vanderbilt University Medical Center - Special Education - Personnel Development to

Improve Services and Results for Children with Disabilities

Vanderbilt University Medical Center - Special Education - Personnel Development to

Improve Services and Results for Children with Disabilities

Vanderbilt University Medical Center - Special Education - Personnel Development to

Improve Services and Results for Children with Disabilities

Vanderbilt University Medical Center - Special Education - Personnel Development to

Improve Services and Results for Children with Disabilities

Vanderbilt University Medical Center - Special Education - Personnel Development to

Improve Services and Results for Children with Disabilities

Vanderbilt University Medical Center - Special Education - Personnel Development to

Improve Services and Results for Children with Disabilities

Vanderbilt University Medical Center - Special Education - Personnel Development to

Improve Services and Results for Children with Disabilities

Vanderbilt University Medical Center - University Centers for Excellence in Developmental

Disabilities Education, Research, and Service

3838

Vanderbilt University

Schedule of Expenditures of Federal Awards

For Year Ended June 30, 2017

Federal Grantor/Pass-Through Grantor/Program or Cluster Title

Federal

CFDA

Number

Pass-Through Entity

Identifying Number

Passed

Through to

Subrecipients

Total Federal

Expenditures

Vanderbilt University Medical Center - Foster Care Title IV-E 93.658 35910-10211 42,871

Subtotal Administration for Children and Families Pass-Through Programs 15,389 373,419

Total Administration for Children and Families 15,389 382,732

Agency for Healthcare Research and Quality Pass-Through Programs

University of Pittsburgh - Research on Healthcare Costs, Quality and Outcomes 93.226 0041893 41,190

Vanderbilt University Medical Center - Research on Healthcare Costs, Quality and Outcomes 93.226 5 K12 HS22990-02 135,948

Subtotal Agency for Healthcare Research and Quality Pass-Through Programs - 177,138

Total Agency for Healthcare Research and Quality - 177,138

Administration for Community Living Direct Programs

93.631 372,385

Subtotal Administration for Community Living Direct Programs 372,385

Total Administration for Community Living - 372,385

Substance Abuse and Mental Health Services Administration Direct Programs

Projects of Regional and National Significance 93.243 266,892

Subtotal Substance Abuse and Mental Health Services Administration Direct Programs - 266,892

Substance Abuse and Mental Health Services Administration Pass-Through Programs From:

TN Department of Mental Health and Developmental Disabilities-Unknown/No CFDA 93.RD EDS#49435/T1010050-15 1,852

Development Services Group-Unknown/No CFDA 93.RD VU#'4264380023 42,569

Meharry Medical College-Projects of Regional and National Significance 93.243 1U79T1025396-01 81,693 27,646

93.959 50431 82,043

Subtotal Substance Abuse and Mental Health Services Administration Pass-Through Programs 81,693 154,110

Total Substance Abuse and Mental Health Services Administration 81,693 421,002

Centers for Disease Control Direct Programs

Unknown/No CFDA 93.RD 40,000 128,462

Subtotal Centers for Disease Control Direct Programs 40,000 128,462

Centers for Disease Control Pass-Through Programs From:

93.138 5U04CE002711-02 118,782

93.283 BA: GR-16-47952-00 4,241

Vanderbilt University Medical Center - Emerging Infections Programs 93.317 BA: GR-16-47450-00 3,176

TN Department of Mental Health and Developmental Disabilities-Block Grants for Prevention

and Treatment of Substance Abuse

Developmental Disabilities Projects of National Significance

Vanderbilt University Medical Center - Centers for Disease Control and

Prevention_Investigations & Technical Assistance

University of Louisville - Protection and Advocacy for Individuals with Metal Illness

3939

Vanderbilt University

Schedule of Expenditures of Federal Awards

For Year Ended June 30, 2017

Federal Grantor/Pass-Through Grantor/Program or Cluster Title

Federal

CFDA

Number

Pass-Through Entity

Identifying Number

Passed

Through to

Subrecipients

Total Federal

Expenditures

93.738 1U58DP005922-01 21,182

University of Louisville - Block Grants for Prevention and Treatment of Substance Abuse 93.959 1U01CE002711-01 63,766

Subtotal Centers for Disease Control Pass-Through Programs - 211,147

Total Centers for Disease Control 40,000 339,609

Food and Drug Administration Pass-Through Programs From:

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD BA: HHSF2230101T 3,199

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD BA: HHSF223201000011I 531

Subtotal Food and Drug Administration Pass-Through Programs - 3,730

Total Food and Drug Administration - 3,730

Health Resources and Services Administration Direct Programs

Unknown/No CFDA 93.RD 586

Maternal and Child Health Federal Consolidated Programs 93.110 312,211

Emergency Medical Services for Children 93.127 168,899

Subtotal Health Resources and Services Administration Direct Programs - 481,696

Health Resources and Services Administration Pass-Through Programs From:

Vanderbilt University Medical Center - Maternal and Child Health Federal Consolidated Programs93.110 5T73MC00050-17 11,627

Vanderbilt University Medical Center - Maternal and Child Health Federal Consolidated Programs93.110 5T73MC00050-16-00 299

Vanderbilt University Medical Center - AIDS Education and Training Centers 93.145 1U10HA29297-01 94,906

Vanderbilt University Medical Center - AIDS Education and Training Centers 93.145 BA: 1U10HA29297-01 10,519

Subtotal Health Resources and Services Administration Pass-Through Programs - 117,351

Total Health Resources and Services Administration - 599,047

Indian Health Service Pass-Through Programs From:

United South and Eastern Tribes, Inc. - Demonstration Projects for Indian Health 93.933 U261IH0078-003-00 19,899

Subtotal Indian Health Service Pass-Through Programs - 19,899

Total Indian Health Service - 19,899

National Institutes of Health Direct Programs

Unknown/No CFDA 93.RD 125,390 8,430,389

Environmental Health 93.113 74,389 1,027,035

Oral Diseases and Disorders Research 93.121 103,443 586,206

Human Genome Research 93.172 326,162 394,911

Research Related to Deafness and Communication Disorders 93.173 267,902 1,542,200

Meharry Medical College - PPHF: Racial and Ethnic Approaches to Community Health Program

Financed Solely by Public Prevention and Health Funds

4040

Vanderbilt University

Schedule of Expenditures of Federal Awards

For Year Ended June 30, 2017

Federal Grantor/Pass-Through Grantor/Program or Cluster Title

Federal

CFDA

Number

Pass-Through Entity

Identifying Number

Passed

Through to

Subrecipients

Total Federal

Expenditures

93.213 32,346 910,993

Research on Healthcare Costs, Quality and Outcomes 93.226 30,119

Mental Health Research Grants 93.242 1,929,761 10,020,841

Alcohol Research Programs 93.273 424,664

Drug Abuse and Addiction Research Programs 93.279 326,137 2,232,685

93.286 141,312 2,824,906

Trans-NIH Research Support 93.310 1,105,476

National Center for Advancing Translation Sciences 93.350 243,340 1,068,147

Research Infrastructure Programs 93.351 1,702,114

Nursing Research 93.361 37,696 433,968

Cancer Cause and Prevention Research 93.393 1,084,102 3,574,805

Cancer Detection and Diagnosis Research 93.394 305,127 1,525,302

Cancer Treatment Research 93.395 12,501 622,403

Cancer Biology Research 93.396 454,524 3,583,560

Cancer Centers Support Grants 93.397 179,112

Cancer Research Manpower 93.398 4,457 1,950,823

Cardiovascular Diseases Research 93.837 32,373 2,959,039

Lung Diseases Research 93.838 470,558

Blood Diseases and Resources Research 93.839 231,107

Arthritis, Musculoskeletal and Skin Diseases Research 93.846 287,159 1,253,137

93.847 779,783 9,199,518

93.851 22,488

93.853 562,482 5,390,821

Allergy, Immunology and Transplantation Research 93.855 153,721 1,706,037

Biomedical Research and Research Training 93.859 416,401 20,408,199

Child Health and Human Development Extramural Research 93.865 145,273 4,544,100

Aging Research 93.866 299,583 1,504,920

Vision Research 93.867 69,747 4,216,472

Medical Library Assistance 93.879 971,229

International Research and Research Training 93.989 150,796 729,510

Research and Training in Complementary and Alternative Medicine

Discovery & Applied Research for Technological Innovations to Improve Human Health

Diabetes, Digestive, and Kidney Diseases Extramural Research

Extramural Research Programs in the Neurosciences and Neurological Disorders

Tracking Electronic Health Record Adoption and Capturing Related Insights in U.S. Hospitals

4141

Vanderbilt University

Schedule of Expenditures of Federal Awards

For Year Ended June 30, 2017

Federal Grantor/Pass-Through Grantor/Program or Cluster Title

Federal

CFDA

Number

Pass-Through Entity

Identifying Number

Passed

Through to

Subrecipients

Total Federal

Expenditures

Subtotal National Institutes of Health Direct Programs 8,365,907 97,777,794

National Institutes of Health Pass-Through Programs From:

ABT Associates, Inc. - Unknown/No CFDA 93.RD HHSP233201500069I 144,211

ABT Associates, Inc. - Unknown/No CFDA 93.RD 47755 1,491

Allegheny-Singer Research Institute - Unknown/No CFDA 93.RD 49801909(R21TR001728) 57,371

Augusta University - Unknown/No CFDA 93.RD DK076169-11 12,941

Gramercy Research Group, LLC - Unknown/No CFDA 93.RD VU#-4481000103 29,439

Leidos Biomedical Research, Inc. - Unknown/No CFDA 93.RD 29XS129 TO# 27 203,056

Leidos Biomedical Research, Inc. - Unknown/No CFDA 93.RD WDRS-MLL NX002-162 1,008,213

Leidos Biomedical Research, Inc. - Unknown/No CFDA 93.RD WDRS-MLL NX002-160 163,336

Leidos Biomedical Research, Inc. - Unknown/No CFDA 93.RD BOA 29XS129 TO14 8

Leidos Biomedical Research, Inc. - Unknown/No CFDA 93.RD 16X117 1,577,119

Leidos Biomedical Research, Inc. - Unknown/No CFDA 93.RD HHSN261200800001E 552,097

Leidos Biomedical Research, Inc. - Unknown/No CFDA 93.RD WDRS-MLL NX002-159-01 205,735

Leidos Biomedical Research, Inc. - Unknown/No CFDA 93.RD WDRS-MLL NX002-159-02 348,009

Medical College of Wisconsin - Unknown/No CFDA 93.RD VU#-4204301833 55,295

Science Applications International Corporation - Unknown/No CFDA 93.RD BOA 29XS129 TO08 (410)

Science Applications International Corporation - Unknown/No CFDA 93.RD BOA 29XS129TO13 21,357

Silver Lake Research Corporation - Unknown/No CFDA 93.RD VU#-4282700373 35,436

Stanford University - Unknown/No CFDA 93.RD 1R01GM113195-01A1 23,033

Stanford University - Unknown/No CFDA 93.RD DK10261202 67,010

University of California, Santa Barbara - Unknown/No CFDA 93.RD DK101068 82,194

University of California, San Francisco - Unknown/No CFDA 93.RD VU#-4282700633 5,268

University of Denver - Unknown/No CFDA 93.RD VU# 4262800443 10,584

University of Hawaii - Unknown/No CFDA 93.RD VU# -4224311123 44,034

University of Pittsburgh - Unknown/No CFDA 93.RD HL135144 5,480

University of Texas - Unknown/No CFDA 93.RD 7U01CA174706 80,699

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD 1U10CA186145-01-A1 29,263

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD 1R01CA186145-01 (3,784)

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD CA163072 66,431

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD BA: 1U01EY027265-01 75,289

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD 1U54HD83211-01A1 (3,450)

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD 1U01HG08672-01 (750)

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD DK106755-VUMC 60122 93,727

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD R41DK104638 VUMC44103 7,041

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD VU#-4282500693 4,396

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD 1U24TR001579-01 73,568

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD UNIV58846 3,967

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD HHSN272201400007C (1,967)

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD VU#-4282500733;0813 8,796

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD AI24456 11,289

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD VU#-4282080023 10,238

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD VU#-4282120023 10,484

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD CA202981 14,342

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD BA: HHSN272201400024C 11,436

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD VU#-4282700583 15,141

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD VU#-4282700593 6,288

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD VU#-4282700603 6,829

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD VU#-4282700613 10,924

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD VU#-4282700623 26,389

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD VU#-4282700573 1,256

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD VU#-4282170023 4,477

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD BA: U19AI109711 5,655

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD 5U54CA163072-05 (743)

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD EY020496 17,651

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD HHSN261200800001E 413

4242

Vanderbilt University

Schedule of Expenditures of Federal Awards

For Year Ended June 30, 2017

Federal Grantor/Pass-Through Grantor/Program or Cluster Title

Federal

CFDA

Number

Pass-Through Entity

Identifying Number

Passed

Through to

Subrecipients

Total Federal

Expenditures

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD BA:6R21CA187495-03 4,809

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD VU#-4282860543 923

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD VU#-4282700353 9,561

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD VU#-4282700483 1,350

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD VU#-4282860553 1,904

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD 2P30CA68485-19 (3,712)

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD 5R01AI76121-07 (2,261)

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD VU#-4282860053 16,833

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD HL133127 2,135

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD CA068485-21S3 149,313

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD CA068485-21S1 60,108

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD VU#-4282910173 642

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD UNIV58606 13,953

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD CA187495 10,633

Vanderbilt University Medical Center - Unknown/No CFDA 93.RD MH107435 30,295

Yale University - Unknown/No CFDA 93.RD 1R01AG050969-01A1 57,331

University of California, Santa Cruz - Environmental Health 93.113 ES019625/SO183542 550

University of North Carolina - Environmental Health 93.113 VU#-4204310713 51,233

Vanderbilt University Medical Center - Environmental Health 93.113 5R01ES10563-15 11,362

Vanderbilt University Medical Center - Environmental Health 93.113 2R01ES10563-13 (2,464)

Vanderbilt University Medical Center - Environmental Health 93.113 5R01ES22936-03 (2,460)

Vanderbilt University Medical Center - Environmental Health 93.113 5R01ES16931-07 (9,284)

93.135 HHSN26120120034102 18,270

Vanderbilt University Medical Center - HIV-Related Training and Technical Assistance 93.145 VUMC61905 1,397

Bioventures, Inc. - Human Genome Research 93.172 R24HG009470-01A1 107,156

University of Pittsburgh - Human Genome Research 93.172 1R01HG07358-01A1 39,636

Vanderbilt University Medical Center - Human Genome Research 93.172 1R01HG086844-04 62,781

Vanderbilt University Medical Center - Human Genome Research 93.172 1U01HG08701-01 (127)

Vanderbilt University Medical Center - Human Genome Research 93.172 5U01HG07253-02 (6,463)

Vanderbilt University Medical Center - Human Genome Research 93.172 UNIV58670 201,808

University of Utah - Research Related to Deafness & Communication Disorders 93.173 DC013168 80,481

Vanderbilt University Medical Center - Research Related to Deafness & Communication Disorders 93.173 2R01DC00523-17 17,346

Vanderbilt University Medical Center - Research Related to Deafness & Communication Disorders 93.173 1R01DC13117-03 (15,022)

Vanderbilt University Medical Center - Research Related to Deafness & Communication Disorders 93.173 2R01DC09404-06 (9,990)

Vanderbilt University Medical Center - Research Related to Deafness & Communication Disorders 93.173 7R01DC011755-06 40,985

Vanderbilt University Medical Center - Research Related to Deafness & Communication Disorders 93.173 7R01DC11548-03 (11,534)

Vanderbilt University Medical Center - Research Related to Deafness & Communication Disorders 93.173 2R01DC000523-18 (3,969)

Vanderbilt University Medical Center - Research Related to Deafness & Communication Disorders 93.173 2R01DC08408-05A1 339,047

93.213 1R34AT007837-171470 14,664

93.213 VU#-4295110013 16,845

93.226 UNIV 59131 4,702

American Psychological Association - Mental Health Research Grants 93.242 MH083635 24,485

Brigham and Women's Hospital - Mental Health Research 93.242 110607 (541)

University of California, Berkeley - Mental Health Research Grants 93.242 VU#-4206600113 26,197

Vanderbilt University Medical Center - Mental Health Research Grants 93.242 1R21MH106998-01 30,827

Vanderbilt University Medical Center - Mental Health Research Grants 93.242 2R01MH77298-06A1 4,124

Vanderbilt University Medical Center - Mental Health Research Grants 93.242 5R01MH73402 (6,862)

Vanderbilt University Medical Center - Mental Health Research Grants 93.242 BA: VU#-4282700303 1,661

Vanderbilt University Medical Center - Mental Health Research Grants 93.242 1R21MH109225-01 61,471

Vanderbilt University Medical Center - Research on Healthcare Costs, Quality and Outcomes

Vanderbilt University Medical Center - Research and Training in Complementary and

Alternative Medicine

Massachusetts General Hospital - Research and Training in Complementary and Alternative

Medicine

University of Texas - Centers for Research and Demonstration for Health Promotion and

Disease Prevention

4343

Vanderbilt University

Schedule of Expenditures of Federal Awards

For Year Ended June 30, 2017

Federal Grantor/Pass-Through Grantor/Program or Cluster Title

Federal

CFDA

Number

Pass-Through Entity

Identifying Number

Passed

Through to

Subrecipients

Total Federal

Expenditures

Vanderbilt University Medical Center - Mental Health Research Grants 93.242 1R24MH109105-01 53,890

Vanderbilt University Medical Center - Mental Health Research Grants 93.242 1R01MH102266-01A1 64,937

Vanderbilt University Medical Center - Mental Health Research Grants 93.242 1R01MH102246-01A1 8,522

Vanderbilt University Medical Center - Mental Health Research Grants 93.242 1R34MH104428 31,729

Vanderbilt University Medical Center - Mental Health Research Grants 93.242 1U01MH106013-02 (17,750)

Vanderbilt University Medical Center - Mental Health Research Grants 93.242 5R01MH100096-03 (5,772)

Vanderbilt University Medical Center - Mental Health Research Grants 93.242 5R01MH95621-02 42,888

Cornell University - Drug Abuse and Addiction Research Programs 93.279 5P01DA12408-16 (758)

93.279 VUMC R01 DA035588 66,762

93.286 VU# - 4224511233 (1,495)

93.286 5R01EB17767-03 15,951

93.286 1R21EB19509-01A1 45,617

Vanderbilt University Medical Center - Minority Health and Health Disparities Research 93.307 1U54MD01072201 203,083

Vanderbilt University Medical Center - Minority Health and Health Disparities Research 93.307 VU#-4481000113 17,124

Vanderbilt University Medical Center - Trans-NIH Research Support 93.310 1R01DK85712-01 (8,028)

Vanderbilt University Medical Center - Trans-NIH Research Support 93.310 5U01HG07674-02 14,163

Vanderbilt University Medical Center - Trans-NIH Research Support 93.310 3U01HG007674-04S1 30,887

Vanderbilt University Medical Center - Trans-NIH Research Support 93.310 1UH2CA203708-01 89,492

Vanderbilt University Medical Center - Trans-NIH Research Support 93.310 VU#-4295110003 28,595

Vanderbilt University Medical Center - Trans-NIH Research Support 93.310 BA: 5U01HG07674-03 11,327

Vanderbilt University Medical Center - Trans-NIH Research Support 93.310 BA: 5U01HG07674-03;0333 380

Massachusetts Institute of Technology - National Center for Advancing Translation Sciences 93.350 MIT 5710004251; U#58576 17,615

University of Pittsburgh - National Center for Advancing Translation Sciences 93.350 0030042 91,472

University of Washington - National Center for Advancing Translation Sciences 93.350 TR000504 21,563

Vanderbilt University Medical Center - National Center for Advancing Translation Sciences 93.350 BA: 5KLTR00446-09 131,302

Vanderbilt University Medical Center - National Center for Advancing Translation Sciences 93.350 6ULTR000445-11 161,875

Vanderbilt University Medical Center - Nursing Research 93.361 5R01NR15079-02 6,150

Lawrence Berkeley National Laboratory - Cancer Cause and Prevention Research 93.393 5 P01 CA92584-15 34731 32,005

Lawrence Berkeley National Laboratory - Cancer Cause and Prevention Research 93.393 5P01CA92584-15 22,071

Thomas Jefferson University - Cancer Cause and Prevention Research 93.393 7R01CA160432-05 99,125

University of Arizona - Cancer Cause and Prevention Research 93.393 1R01CA174926-01A 22,460

University of California, Berkeley - Cancer Cause and Prevention Research 93.393 2P01CA092584-16 83,858

Vanderbilt University Medical Center - Cancer Cause and Prevention Research 93.393 5P01CA116087-08 (9,788)

Vanderbilt University Medical Center - Cancer Cause and Prevention Research 93.393 5R01CA92447-14 (7,534)

Vanderbilt University Medical Center - Cancer Cause and Prevention Research 93.393 5R01CA158743-04 (1,883)

Vanderbilt University Medical Center - Cancer Cause and Prevention Research 93.393 5R01CA148667-05 (758)

Vanderbilt University Medical Center - Cancer Cause and Prevention Research 93.393 BA:1R01CA206563-01 1,140

Vanderbilt University Medical Center - Cancer Cause and Prevention Research 93.393 3R01CA148667-02S1 (5,686)

Vanderbilt University Medical Center - Cancer Cause and Prevention Research 93.393 1R21CA201856-01 36,550

Vanderbilt University Medical Center - Cancer Cause and Prevention Research 93.393 5R37CA70867-16 (7,157)

Vanderbilt University Medical Center - Cancer Cause and Prevention Research 93.393 5R01CA188214-01:02 17,247

Vanderbilt University Medical Center - Cancer Cause and Prevention Research 93.393 BA: 1R21CA197344-01 6,746

Vanderbilt University Medical Center - Cancer Cause and Prevention Research 93.393 5UM1CA173640-03 (7,582)

Vanderbilt University Medical Center - Cancer Cause and Prevention Research 93.393 1R01CA202936-01 (76)

Vanderbilt University Medical Center - Cancer Cause and Prevention Research 93.393 6P01CA116087-09 136,693

Vanderbilt University Medical Center - Cancer Cause and Prevention Research 93.393 BA: 1R21CA201856-01 1,899

Vanderbilt University Medical Center - Cancer Cause and Prevention Research 93.393 4R01CA158473-05 8,617

Vanderbilt University Medical Center - Cancer Cause and Prevention Research 93.393 BA: 6R01CA200999-02 3,634

Vanderbilt University Medical Center - Cancer Cause and Prevention Research 93.393 1R01CA206563-01 12,092

Vanderbilt University Medical Center - Cancer Cause and Prevention Research 93.393 BA: 1R01CA190612-01 1,501

Vanderbilt University Medical Center - Discovery & Applied Research for Technological

Innovations to Improve Human Health

Florida State University Research Foundation, Inc. - Drug Abuse and Addiction Research

Programs

Vanderbilt University Medical Center - Discovery & Applied Research for Technological

Innovations to Improve Human Health

Vanderbilt University Medical Center - Discovery & Applied Research for Technological

Innovations to Improve Human Health

4444

Vanderbilt University

Schedule of Expenditures of Federal Awards

For Year Ended June 30, 2017

Federal Grantor/Pass-Through Grantor/Program or Cluster Title

Federal

CFDA

Number

Pass-Through Entity

Identifying Number

Passed

Through to

Subrecipients

Total Federal

Expenditures

Vanderbilt University Medical Center - Cancer Cause and Prevention Research 93.393 BA: 6R01CA174853-04 2,953

Vanderbilt University Medical Center - Cancer Cause and Prevention Research 93.393 UMIV59281/VUMC61130 8,220

Anasys Instruments - Cancer Detection and Diagnosis Research 93.394 VU#-4224311243 122,452

Harvard University - Cancer Detection and Diagnosis Research 93.394 1 U01 CA199882-01 153,546

Morgridge Institute for Research - Cancer Detection and Diagnosis Research 93.394 CA205101 SUB 17-J0022 9,413

University of Tennessee - Cancer Detection and Diagnosis Research 93.394 1 R15 CA182850-01A1 3,113

Vanderbilt University Medical Center - Cancer Detection and Diagnosis Research 93.394 5U24CA159988-05 113,604

Vanderbilt University Medical Center - Cancer Detection and Diagnosis Research 93.394 BA: 1R01CA163806-01A1 (6,184)

Vanderbilt University Medical Center - Cancer Detection and Diagnosis Research 93.394 1R01CA184693-01 15,951

Vanderbilt University Medical Center - Cancer Detection and Diagnosis Research 93.394 5U01CA182364-03 (7,506)

Vanderbilt University Medical Center - Cancer Detection and Diagnosis Research 93.394 BA: 6U24CA159988-06 2,557

Vanderbilt University Medical Center - Cancer Detection and Diagnosis Research 93.394 BA: 4R01CA163772-04 751

Vanderbilt University Medical Center - Cancer Detection and Diagnosis Research 93.394 BA: 6R01CA186145-02 2,651

Vanderbilt University Medical Center - Cancer Detection and Diagnosis Research 93.394 BA: 2U01CA152662-06 1,326

Vanderbilt University Medical Center - Cancer Detection and Diagnosis Research 93.394 2U01CA142565-06 (4,040)

Vanderbilt University Medical Center - Cancer Treatment Research 93.395 BA: 5UM1CA186689-03 1,345

Vanderbilt University Medical Center - Cancer Treatment Research 93.395 BA: 2R01CA131225-06 1,140

Massachusetts Institute of Technology - Cancer Biology Research 93.396 VU#-4282800083 19,442

Vanderbilt University Medical Center - Cancer Biology Research 93.396 BA: 6R01CA46413-29 717

Vanderbilt University Medical Center - Cancer Biology Research 93.396 2R01CA69457-16A1 7,433

Vanderbilt University Medical Center - Cancer Biology Research 93.396 1U01CA196405-01 53,575

Vanderbilt University Medical Center - Cancer Biology Research 93.396 R01CA177681 14,954

Vanderbilt University Medical Center - Cancer Biology Research 93.396 5U19CA179514-03 472,850

Vanderbilt University Medical Center - Cancer Biology Research 93.396 BA: 5R01CA163563-03 1,345

Vanderbilt University Medical Center - Cancer Biology Research 93.396 BA: 6U01CA196405-02 5,302

Vanderbilt University Medical Center - Cancer Biology Research 93.396 5R01CA148934-05 10,715

Vanderbilt University Medical Center - Cancer Biology Research 93.396 1R01CA177681-01A1 9,105

Meharry Medical College - Cancer Centers Support Grants 93.397 1U54CA153708 1,726

Vanderbilt University Medical Center - Cancer Centers Support Grants 93.397 2 P30 CA68485-19 70

Vanderbilt University Medical Center - Cancer Centers Support Grants 93.397 5 P50 CA95103-14 339,359

Vanderbilt University Medical Center - Cancer Centers Support Grants 93.397 2P30CA68485-20 378,575

Vanderbilt University Medical Center - Cancer Centers Support Grants 93.397 5P30CA068485-21 1,051,917

Vanderbilt University Medical Center - Cancer Centers Support Grants 93.397 5U54CA163072-05 14,604

Vanderbilt University Medical Center - Cancer Centers Support Grants 93.397 5 P50 CA098131-15 404,275

Vanderbilt University Medical Center - Cancer Centers Support Grants 93.397 5 P50 CA98131-13 119,162

Vanderbilt University Medical Center - Cancer Research Manpower 93.398 5R25CA160056-04 2,119

93.433 90IF0096-01-01 8,641

University of Chicago - Pre-existing Condition Insurance Program (PCIP) 93.529 VUMC37084(U54GM087519) 46,923

Northwestern University - Cardiovascular Diseases Research 93.837 HL122010 334,012

Northwestern University - Cardiovascular Diseases Research 93.837 5 R01 HL122010-02 347,208

University of Mississippi Medical Center - Cardiovascular Diseases Research 93.837 VU#-4207270013 (5,152)

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 BA: 5 U19 HL65962-14 (257)

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 BA: 5 R01 HL118952-03 12,224

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 3R01HL122554-02S1 (7,737)

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 5P01HL116263-04 77,505

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 5R01HL118392-03 207,417

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 5R01HL37675-24 43,315

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 3R01HL118386-03S1 (7,737)

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 5U01HL100398-07 (4,250)

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 5R01HL123227-02 (2,901)

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 VU#-4206300033 10,001

Murray State University - ACL National Institute on Disability, Independent Living, and

Rehabilitation Research

4545

Vanderbilt University

Schedule of Expenditures of Federal Awards

For Year Ended June 30, 2017

Federal Grantor/Pass-Through Grantor/Program or Cluster Title

Federal

CFDA

Number

Pass-Through Entity

Identifying Number

Passed

Through to

Subrecipients

Total Federal

Expenditures

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 5P01HL116263-03C 133,987

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 5P01HL116263-04C 3,996

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 BA: 6K12HL109019-06 10,063

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 7R01HL119234-01A1 (7,737)

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 1R01HL111516-04 (7,687)

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 BA:1K23HL125670-01A1 (2,012)

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 5P01HL116263-02 (989)

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 5R01HL92217-06 21,417

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 BA: 6P01HL116263-03 2,130

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 5U01HL103620-06 28,579

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 BA: 1P01HL129941-01A1 11,421

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 4R01HL39006-27 15,817

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 5P01HL116263-03 381,080

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 5R01HL109388-05 10,170

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 BA: 6R01HL127173-02 6,101

Vanderbilt University Medical Center - Cardiovascular Disease Research 93.837 1R01HL122847-01A1 26,242

Vanderbilt University Medical Center - Lung Diseases Research 93.838 1R01HL126492-01 43,462

Vanderbilt University Medical Center - Lung Diseases Research 93.838 BA: 5T32HL87738-09 17,250

Vanderbilt University Medical Center - Lung Diseases Research 93.838 5P01HL108800-04 53,598

Vanderbilt University Medical Center - Lung Diseases Research 93.838 4R01HL112286-04 (4,928)

Vanderbilt University Medical Center - Lung Diseases Research 93.838 5R01HL111259-05 160,874

Vanderbilt University Medical Center - Lung Diseases Research 93.838 BA: 6T32HL87738-09 4,302

Vanderbilt University Medical Center - Lung Diseases Research 93.838 R01HL095797 9,800

Vanderbilt University Medical Center - Lung Diseases Research 93.838 1R01HL122417-01A1 6,998

Vanderbilt University Medical Center - Blood Diseases and Resources Research 93.839 2R01HL1544-11A1 8,979

Vanderbilt University Medical Center - Blood Diseases and Resources Research 93.839 BA: 2R01HL71544-11A1 (2,594)

Vanderbilt University Medical Center - Blood Diseases and Resources Research 93.839 BA: 1R01HL114518-01A1 1,911

Vanderbilt University Medical Center - Arthritis, Musculoskeletal and Skin Diseases Research 93.846 1R01AR63157-01 33,508

Augusta University - Diabetes, Digestive, and Kidney Diseases Extramural Research 93.847 VUMC 5 U24 DK076169-0 377

Augusta University - Diabetes, Digestive, and Kidney Diseases Extramural Research 93.847 DK076169-30835/2573012 44,431

Augusta University - Diabetes, Digestive, and Kidney Diseases Extramural Research 93.847 5U24DK076169-10 1,466

Augusta University - Diabetes, Digestive, and Kidney Diseases Extramural Research 93.847 VU#-4282700263 16,805

Augusta University - Diabetes, Digestive, and Kidney Diseases Extramural Research 93.847 VU#-4282700283 67,633

Augusta University - Diabetes, Digestive, and Kidney Diseases Extramural Research 93.847 25034-93 4,617

Georgia Health Sciences University - Diabetes, Digestive, and Kidney Diseases Extramural Research 93.847 5U24DK076169-25034-79 35,149

Stanford University - Diabetes, Digestive, and Kidney Diseases Extramural Research 93.847 VUMC R01 (#4282700123) 16,953

University of Cincinnati - Diabetes, Digestive, and Kidney Diseases Extramural Research 93.847 7R01DK106364 52,925

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 DDRC VU#-4282900143 60,720

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 VU#-4282700173 43,322

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 5 P30 DK20593-37 28,992

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 2R01DK48370-19A1 (8,079)

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 1R01DK105689-01A1 (7,737)

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 UNIV58790 23,633

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 BA: VU#-4282500683 947

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 1UC4DK104211-01 (1,702)

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 1R01DK94199-01 (1,922)

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 1R24DK106755-01 (7,630)

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 1R01DK104817-01 (1,572)

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 UNIV59245(UCADK112232) 13,315

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 5R01DK81536-03 (1,913)

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 BA: 5T32DK7673-22 949

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 5P30DK20593-38 346,113

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 BA: 1UC4DK104211-01 5,589

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 5P30DK58404-14 132,978

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 BA: R24DK106755 8,347

4646

Vanderbilt University

Schedule of Expenditures of Federal Awards

For Year Ended June 30, 2017

Federal Grantor/Pass-Through Grantor/Program or Cluster Title

Federal

CFDA

Number

Pass-Through Entity

Identifying Number

Passed

Through to

Subrecipients

Total Federal

Expenditures

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 1R01DK101791-01A1 913

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 BA: 1R24DK103067-01 1,519

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 5R24DK103067-04 54,830

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 1R01DK97332-01 1,992

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 1R01DK108968-01 15,246

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 5R01DK69921-11 94,548

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 BA: T32NS7491 49,192

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 1R01DK109102-01 17,494

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 BA: 5T32DK07061-40 (2,121)

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 BA: 2T32DK07061 51,086

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 BA: T32ES007038 31,512

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 DK106755-01 141,891

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 1P2DK11280 5,765

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 5R01DK100694-02 28,381

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 BA: 1R01DK111554-01 5,845

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 5R18DK83264-03 (839)

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 R01GM118557 34,931

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 1R21DK101342-02 4,075

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 1R01DK103935-01A1 50,522

Vanderbilt University Medical Ctr - Diabetes, Digestive, and Kidney Diseases Extramural Rsrch 93.847 5P30DK92986-05 5,284

Ohio State University - Extramural Rsrch Progs in the Neurosciences & Neurological Disorders 93.853 1R21NS098362-01 36,047

Tennessee State University - Extramural Rsrch Progs in the Neurosciences & Neurological Disorders 93.853 R25NS09100A 6,680

University of Colorado - Extramural Rsrch Progs in the Neurosciences & Neurological Disorders 93.853 4R01NS86423-04 43,685

University of Colorado - Extramural Rsrch Progs in the Neurosciences & Neurological Disorders 93.853 1R01NS86423-01 17,675

Vanderbilt University Medical Ctr - Extramural Rsrch Progs in Neurosciences & Neurological Disorders 93.853 4 R01 NS75270-05 (1,191)

Vanderbilt University Medical Ctr - Extramural Rsrch Progs in Neurosciences & Neurological Disorders 93.853 1R01NS75270-03 54,392

Vanderbilt University Medical Ctr - Extramural Rsrch Progs in Neurosciences & Neurological Disorders 93.853 BA: 1R01NS97763-01 5,706

Vanderbilt University Medical Ctr - Extramural Rsrch Progs in Neurosciences & Neurological Disorders 93.853 1R01NS93669-01A1 179,903

Vanderbilt University Medical Ctr - Extramural Rsrch Progs in Neurosciences & Neurological Disorders 93.853 BA: 6R01NS78828-05 3,446

Vanderbilt University Medical Ctr - Extramural Rsrch Progs in Neurosciences & Neurological Disorders 93.853 9R42MH100007-03 21,733

Vanderbilt University Medical Ctr - Extramural Rsrch Progs in Neurosciences & Neurological Disorders 93.853 BA 5T32NS7491-15 (645)

Vanderbilt University Medical Ctr - Extramural Rsrch Progs in Neurosciences & Neurological Disorders 93.853 5R01NS78680-04 (24)

Vanderbilt University Medical Ctr - Extramural Rsrch Progs in Neurosciences & Neurological Disorders 93.853 5R01NS78289-03 (7,687)

Vanderbilt University Medical Ctr - Extramural Rsrch Progs in Neurosciences & Neurological Disorders 93.853 4R01NS33300-21 (5,802)

Vanderbilt University Medical Ctr - Extramural Rsrch Progs in Neurosciences & Neurological Disorders 93.853 5R01NS69909-04 2,402

Vanderbilt University Medical Ctr - Extramural Rsrch Progs in Neurosciences & Neurological Disorders 93.853 1R01NS92961-01A1 (5,797)

Vanderbilt University Medical Ctr - Extramural Rsrch Progs in Neurosciences & Neurological Disorders 93.853 BA: 5T32NS7491-15 10,755

Vanderbilt University Medical Ctr - Extramural Rsrch Progs in Neurosciences & Neurological Disorders 93.853 1R01NS82635-01A1 10,585

Vanderbilt University Medical Ctr - Extramural Rsrch Progs in Neurosciences & Neurological Disorders 93.853 BA: T32NS007491-15 7,140

Vanderbilt University Medical Ctr - Extramural Rsrch Progs in Neurosciences & Neurological Disorders 93.853 VUMC 59642 29,216

Meharry Medical College - Allergy, Immunology and Transplantation Research 93.855 T32 AI007281 95,464

Oak Crest Institute of Science - Allergy, Immunology and Transplantation Research 93.855 5R01AI120748-02 15,465

Oak Crest Institute of Science - Allergy, Immunology and Transplantation Research 93.855 5 U19 AI113048-02 1,289

Oak Crest Institute of Science - Allergy, Immunology and Transplantation Research 93.855 5 U19 AI113048-03 35,454

University of California at San Francisco - Allergy, Immunology and Transplantation Research 93.855 R01AI106987 157,719

University of Cape Town - Allergy, Immunology and Transplantation Research 93.855 A110329 43,134

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 1U19AI117905-01 494,196

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 HHSN272201400024C 99,735

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 2R01AI44924-14 15,843

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 1P30AI110527-01A1 101,073

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 2R01AI39657-16A1 14,082

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 1R01AI06002-01 (10,402)

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 5R01AI95755-02 (17,056)

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 2R01AI26603-21A2 (7,688)

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 4R01AI101171-04 (1,884)

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 6R01AI101171-05 123,655

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 5R01AI69233-07 (7,687)

4747

Vanderbilt University

Schedule of Expenditures of Federal Awards

For Year Ended June 30, 2017

Federal Grantor/Pass-Through Grantor/Program or Cluster Title

Federal

CFDA

Number

Pass-Through Entity

Identifying Number

Passed

Through to

Subrecipients

Total Federal

Expenditures

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 5R01AI76121-07 (9,862)

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 1R01AI107052-01A1 (7,737)

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 5R01AI73843-07 (9,457)

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 5R01AI32539-22 (12,311)

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 1R01AI108197-03 (7,737)

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 1R01AI118887-01 (8,079)

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 1R01AI118932-01A1 (8,079)

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 5U19AI109711-03 (2,108)

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 4R01AI76121-08 (7,863)

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 5R01AI93234-05 (7,687)

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 BA: 2T32AI95202-07 20,125

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 5U01AI69923-10 (7,687)

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 U19AI117905 VUMC 59820 113,083

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 BA: UNIV58381 3,710

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 BA: HHSN272201400024C 29,250

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 BA:1U19AI117905-01 6,854

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 VUMC 59334 UNIV 58748 21,829

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 AI121549/58532 98,022

Vanderbilt University Medical Center - Allergy, Immunology and Transplantation Research 93.855 6R01AI118932-02 140,859

Brown University - Biomedical Research and Research Training 93.859 1R25GM114021 37,069

Northern California Institute for Research and Education - Biomedical Rsrch and Rsrch Training 93.859 2R01GM61606-13A1 150,177

Northern California Institute for Research and Education - Biomedical Rsrch and Rsrch Training 93.859 CA061606-15S2 164,911

Northern California Institute for Research and Education - Biomedical Rsrch and Rsrch Training 93.859 CA061606-15S1 51,813

Rosalind Franklin University of Medicine and Science - Biomedical Rsrch and Rsrch Training 93.859 5R01GM97508-02 7,188

Science Applications International Corporation - Biomedical Research and Research Training 93.859 BOA 29XS129 159,339

State of New York - Biomedical Research and Research Training 93.859 2 R01 GM82978-06A1 83,161

State University of New York - Biomedical Research and Research Training 93.859 5 R01 GM071461-09 49,724

The Forsyth Institute - Biomedical Research and Research Training 93.859 VU2555(R01GM117174) 7,090

University of Chicago - Biomedical Research and Research Training 93.859 VUMC37084(U54GM087519) 34,194

University of Chicago - Biomedical Research and Research Training 93.859 3U54GM087519-07S1 58,000

University of Chicago - Biomedical Research and Research Training 93.859 3U54GM087519-07 345,481

University of North Carolina - Biomedical Research and Research Training 93.859 GM073151-08/503361 38,597

University of Pittsburgh - Biomedical Research and Research Training 93.859 Univ of Pitts 0046400 118,294

Vanderbilt University Medical Center - Biomedical Research and Research Training 93.859 1P50GM115305-01 (7,737)

Vanderbilt University Medical Center - Biomedical Research and Research Training 93.859 BA: 5T32GM007569-41 11,625

Vanderbilt University Medical Center - Biomedical Research and Research Training 93.859 BA: 5T32GM108554-04 11,500

Vanderbilt University Medical Center - Biomedical Research and Research Training 93.859 5R01GM66885-11 (7,737)

Vanderbilt University Medical Center - Biomedical Research and Research Training 93.859 1R01GM105247-01 (4,642)

Vanderbilt University Medical Center - Biomedical Research and Research Training 93.859 1R01GM103859-02 (1,616)

Vanderbilt University Medical Center - Biomedical Research and Research Training 93.859 5R01GM106232 10,968

Vanderbilt University Medical Center - Biomedical Research and Research Training 93.859 R01GM108807 15,930

Vanderbilt University Medical Center - Biomedical Research and Research Training 93.859 5P01GM106232-02 20,848

Vanderbilt University Medical Center - Biomedical Research and Research Training 93.859 1R01GM112871-01 1,746

CFD Research Corporation - Child Health and Human Development Extramural Research 93.865 KVUE8082 HHSN271206009 55,619

Florida State University - Child Health and Human Development Extramural Research 93.865 VU#-4262300113 (3,506)

Northwestern University - Child Health and Human Development Extramural Research 93.865 K12HD073945 131,701

Ohio State University - Child Health and Human Development Extramural Research 93.865 HD075460 8,537

University of California at Los Angeles - Child Health and Human Development Extramural Rsrch 93.865 HD073975-04 (2,252)

University of California at Los Angeles - Child Health and Human Development Extramural Rsrch 93.865 HD073975-05 459,893

University of California, Irvine - Child Health and Human Development Extramural Research 93.865 2014-3050 60,146

University of Florida - Child Health and Human Development Extramural Research 93.865 4P50HD052120-10 20,825

Vanderbilt University Medical Ctr - Child Health and Human Development Extramural Rsrch 93.865 1R41HD088138-01 100,034

Vanderbilt University Medical Ctr - Child Health and Human Development Extramural Rsrch 93.865 1R01HD81121-01 121,057

Vanderbilt University Medical Ctr - Child Health and Human Development Extramural Rsrch 93.865 1U54HD83211 (20,228)

Vanderbilt University Medical Ctr - Child Health and Human Development Extramural Rsrch 93.865 5R01HD76983-02 50,168

Vanderbilt University Medical Ctr - Child Health and Human Development Extramural Rsrch 93.865 5K12HD43483-14 (3,198)

Vanderbilt University Medical Ctr - Child Health and Human Development Extramural Rsrch 93.865 1R01HD872127-02 (6,367)

4848

Vanderbilt University

Schedule of Expenditures of Federal Awards

For Year Ended June 30, 2017

Federal Grantor/Pass-Through Grantor/Program or Cluster Title

Federal

CFDA

Number

Pass-Through Entity

Identifying Number

Passed

Through to

Subrecipients

Total Federal

Expenditures

Vanderbilt University Medical Ctr - Child Health and Human Development Extramural Rsrch 93.865 HD083211 VUMC59370 503,350

Vanderbilt University Medical Ctr - Child Health and Human Development Extramural Rsrch 93.865 6P30AI110527-002 95,438

Vanderbilt University Medical Ctr - Child Health and Human Development Extramural Rsrch 93.865 BA: 6T32HD60554-07 45,881

Vanderbilt University Medical Ctr - Child Health and Human Development Extramural Rsrch 93.865 5R01HD59794-08 12,630

Metabolic Technologies, Inc. - Aging Research 93.866 1R44AG055184 110,512

University of California at San Francisco - Aging Research 93.866 88855SC 134,868

Vanderbilt University Medical Center - Aging Research 93.866 5R01AG38471-05 (7,687)

Vanderbilt University Medical Center - Aging Research 93.866 3R01AG041955/UNIV58848 46,473

Vanderbilt University Medical Center - Aging Research 93.866 BA: 6R01AG43471-04 2,269

Vanderbilt University Medical Center - Aging Research 93.866 BA: VU#4294510023 19,079

Vanderbilt University Medical Center - Aging Research 93.866 BA: VU#4294510033 11,714

Vanderbilt University Medical Center - Aging Research 93.866 1R01AG47992-01A1 (8,079)

Oakland University - Vision Research 93.867 5 R01 EY02027-02 14,429

Vanderbilt University Medical Center - Vision Research 93.867 5 P30 EY08126-27 344,493

Vanderbilt University Medical Center - Vision Research 93.867 5R01EY23397-03 7,877

Vanderbilt University Medical Center - Vision Research 93.867 5R01EY23240-02 32,929

Vanderbilt University Medical Center - Vision Research 93.867 5P30EY08126-29 131,389

Vanderbilt University Medical Center - Vision Research 93.867 1R01EY22618-01A1 (1,867)

Vanderbilt University Medical Center - Vision Research 93.867 7R01EY13760-11 (4,928)

Vanderbilt University Medical Center - Vision Research 93.867 6P30EY08126-28 7,845

Washington University in St Louis - Vision Research 93.867 5 R01 EY23549-03 1,368

Vanderbilt University Medical Center - Medical Library Assistance 93.879 1R01LM09989-01A1 (7,392)

Vanderbilt University Medical Center - Medical Library Assistance 93.879 BA: 1R25LM11174-02 1,301

Vanderbilt University Medical Center - Medical Library Assistance 93.879 BA: 5R25LM011174-05 1,500

Vanderbilt University Medical Center - International Research and Research Training 93.989 BA: 5D43TW0945-03 13,117

Vanderbilt University Medical Center - International Research and Research Training 93.989 BA: 5R25TW09722-04 15,772

Vanderbilt University Medical Center - International Research and Research Training 93.989 BA: 5D43TW009744-03 4,302

Subtotal National Institutes of Health Pass-Through Programs - 20,829,356

Total National Institutes of Health 8,365,907 118,607,150

Total Department of Health and Human Services 8,502,989 120,922,692

Total Research and Development Cluster 20,016,480 200,204,205

Highway Planning and Construction Cluster

U.S. Department of Transportation

Department of Transportation Pass-Through Programs From:

TN Department of Transportation -Highway Planning and Construction 20.205 40100-15916 TDOT 50,514 128,617

TN Department of Transportation -Highway Planning and Construction 20.205 TDOT 40100-00617 108,504

TN Department of Transportation -Highway Planning and Construction 20.205 TDOT 40100-03317 100,789

Subtotal Department of Transportation Pass-Through Programs 50,514 337,910

Total U.S. Department of Transportation 50,514 337,910

Total Highway Planning and Construction Cluster 50,514 337,910

Special Education Cluster (IDEA)

Department of Education

4949

Vanderbilt University

Schedule of Expenditures of Federal Awards

For Year Ended June 30, 2017

Federal Grantor/Pass-Through Grantor/Program or Cluster Title

Federal

CFDA

Number

Pass-Through Entity

Identifying Number

Passed

Through to

Subrecipients

Total Federal

Expenditures

Department of Education Pass-Through Programs From:

TN Department of Education - Special Education_Grants to States 84.027 33136-00117 125,037

TN Department of Education - Special Education_Grants to States 84.027 33136-01216 111,751

TN Department of Education - Special Education_Grants to States 84.027 GR-10-27642-00 44,756 598,563

Subtotal Department of Education Pass-Through Programs 44,756 835,351

Total Department of Education 44,756 835,351

Total Special Education Cluster (IDEA) 44,756 835,351

Medicaid Cluster

Centers for Medicare & Medicaid Services

Centers for Medicare & Medicaid Services Pass-Through Programs From:

Vanderbilt University Medical Center - Medical Assistance Program 93.778 GR-11-31880 (6,175)

Subtotal Centers for Medicare & Medicaid Services Pass-Through Programs - (6,175)

Total Centers for Medicare & Medicaid Services - (6,175)

Student Financial Assistance Cluster

Department of Education

Department of Education Direct Programs

Federal Supplemental Educational Opportunity Grants 84.007 728,000

Federal Work-Study Program 84.033 1,113,478

Federal Perkins Loan Program

Outstanding loans as of July 1, 2016 84.038 16,970,643

New loans issued during 2017 84.038 2,514,372

Administrative Cost Allowance 84.038 255,168

Total Federal Perkins Loan Program 19,740,183

Federal Pell Grant Program 84.063 3,980,945

Federal Direct Student Loans 84.268 80,389,074

84.379 26,544

Total U.S. Department of Education - 105,978,224

Department of Health and Human Services

Department of Health and Human Services Direct Programs

Nurse Faculty Loan Program (NFLP)

Outstanding loans as of July 1, 2016 93.264 4,756,647

New loans issued during 2017 93.264 1,347,356

Total Nurse Faculty Loan Program 6,104,003

Teacher Education Assistance for College and Higher Education Grants (TEACH Grants)

5050

Vanderbilt University

Schedule of Expenditures of Federal Awards

For Year Ended June 30, 2017

Federal Grantor/Pass-Through Grantor/Program or Cluster Title

Federal

CFDA

Number

Pass-Through Entity

Identifying Number

Passed

Through to

Subrecipients

Total Federal

Expenditures

Health Professions Student Loans Including Primary Care Loans

Outstanding loans as of July 1, 2016 93.342 20,091

New loans issued during 2017 93.342 -

Total Health Professions Student Loans Including Primary Care Loans 20,091

Nursing Student Loans

Outstanding loans as of July 1, 2016 93.364 1,573,956

New loans issued during 2017 93.364 454,667

Total Nursing Student Loans 2,028,623

ARRA - Nurse Faculty Loan Program (NFLP)

Outstanding loans as of July 1, 2016 93.408 701,639

New loans issued during 2017 93.408 -

Total ARRA - Nurse Faculty Loan Program 701,639

Total Department of Health and Human Services 8,854,356

Total Student Financial Assistance Cluster - 114,832,580

Other Awards

U.S. Agency for International Development

U.S. Agency for International Development Direct Programs

USAID Foreign Assistance for Programs Overseas 98.001 498,344 1,380,546

Global Development Alliance 98.011 (699)

Subtotal U.S. Agency for International Development Direct Programs 498,344 1,379,847

U.S. Agency for International Development Pass-Through Programs From:

Camris International - Unknown/No CFDA 98.U01 MEL-VAND-001 27,925

Universidad de Los Andes - Global Development Alliance 98.011 AID-514-A-16-00004 46,174

Subtotal U.S. Agency for International Development Pass-Through Programs - 74,099

Total U.S. Agency for International Development 498,344 1,453,946

Total Other Awards 498,344 1,453,946

Total Expenditures of Federal Awards 20,610,094$ 317,657,817$

5151

VANDERBILT UNIVERSITY

Notes to Schedule of Expenditures of Federal Awards

Year ended June 30, 2017

(1) Basis of Presentation

The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal activity of Vanderbilt University (“Vanderbilt”) under programs of the federal government for the year ended June 30, 2017. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”) and Office of Management and Budget Circular A-21, Cost Principles for Educational Institutions as applicable. Because the Schedule presents only a selected portion of the operations of Vanderbilt, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of Vanderbilt.

For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between Vanderbilt and agencies and departments of the federal government and all subawards to Vanderbilt by nonfederal organizations pursuant to federal grants, contracts, and similar agreements.

(2) Summary of Significant Accounting Policies for the Schedule For purposes of the Schedule, expenditures for federal programs are recognized on the accrual basis, which is consistent with generally accepted accounting principles.

Expenditures for federal student financial aid programs are recognized as incurred and include Federal Pell program grants to students, the federal share of students' FSEOG program grants, FWS program earnings, loans to students under federally guaranteed programs and certain other federal financial assistance grants for students and administrative cost allowances, where applicable.

Expenditures for other federal awards on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Uniform Guidance or A-21, wherein certain types of expenditures are not allowable or are limited as to reimbursement.

Expenditures for certain non-student financial aid awards include facilities and administrative costs (indirect costs). Facilities and administrative costs allocated to such awards for the year ended June 30, 2017 were based on predetermined fixed rates negotiated with Vanderbilt’s cognizant federal agency, the U.S. Department of Health and Human Services. Indirect costs and recoveries of those costs under sponsored programs are classified as unrestricted expenditures and revenues, respectively, in Vanderbilt’s financial statements. Vanderbilt has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.

Negative amounts represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. CFDA numbers and pass-through numbers are provided when available.

5252

VANDERBILT UNIVERSITY

Notes to Schedule of Expenditures of Federal Awards

Year ended June 30, 2017

(3) Federal Student Financial Assistance Programs

The Perkins, Nurse Faculty Loan Program (NFLP), Nursing Student Loan (NSL), Health Profession Student Loan (HPSL), and Primary Care Loan (PCL) programs are administered directly by Vanderbilt, and balances and transactions relating to these programs are included in Vanderbilt's consolidated financial statements. Loans outstanding at the beginning of the year and the amount of direct loans made during the year ended June 30, 2017 is included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2017 consists of:

Perkins

84.038 $ 16,715,889

NFLP

93.264 5,438,295 NFLP ARRA 93.408 576,214 NSL

93.364 1,729,375

PCL

93.342 4,985

$ 24,464,758

Vanderbilt is responsible for the performance of certain administrative duties with respect to the guaranteed direct loan programs. It is not practical to determine the balance of loans outstanding to students and former students of Vanderbilt under these programs, as referenced above, for the year ended June 30, 2017. These loans are not included in Vanderbilt's consolidated financial statements but are included on the accompanying schedule of expenditures of federal awards as a part of the student financial assistance cluster.

5353

PricewaterhouseCoopers LLP, 569 Brookwood Village, Suite 851, Birmingham, AL 35209 T: (205) 414 4000, F: (205) 414 4001, www.pwc.com/us

Report of Independent Auditors on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in

Accordance with Government Auditing Standards To the Board of Trust of Vanderbilt University We have audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the consolidated financial statements of Vanderbilt University (“the University”), which comprise the consolidated statements of financial position as of June 30, 2017, and the related consolidated statements of activities and of cash flows for the year then ended, and the related notes to the financial statements, and have issued our report thereon dated October 4, 2017. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered Vanderbilt University’s internal control over financial reporting (“internal control”) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of Vanderbilt University's internal control. Accordingly, we do not express an opinion on the effectiveness of Vanderbilt University's internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

Compliance and Other Matters As part of obtaining reasonable assurance about whether Vanderbilt University’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

54

Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

October 4, 2017

55

PricewaterhouseCoopers LLP, 569 Brookwood Village, Suite 851, Birmingham, AL 35209 T: (205) 414 4000, F: (205) 414 4001, www.pwc.com/us

Report of Independent Auditors on Compliance with Requirements That Could Have a Direct and Material Effect on Each Major Program and on Internal

Control Over Compliance in Accordance with the OMB Uniform Guidance To the Board of Trust of Vanderbilt University Report on Compliance for Each Major Federal Program We have audited Vanderbilt University’s compliance with the types of compliance requirements described in the OMB Compliance Supplement that could have a direct and material effect on each of Vanderbilt University’s major federal programs for the year ended June 30, 2017. Vanderbilt University’s major federal programs are identified in the summary of auditor's results section of the accompanying schedule of findings and questioned costs. Management’s Responsibility Management is responsible for compliance with federal statutes, regulations and the terms and conditions of its federal awards applicable to its federal programs. Auditors’ Responsibility Our responsibility is to express an opinion on compliance for each of Vanderbilt University’s major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Those standards and the Uniform Guidance require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about Vanderbilt University’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of Vanderbilt University’s compliance. Opinion on Each Major Federal Program In our opinion, Vanderbilt University complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2017.

56

Report on Internal Control Over Compliance Management of Vanderbilt University is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered Vanderbilt University’s internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of Vanderbilt University's internal control over compliance. A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. Report on Schedule of Expenditures of Federal Awards Required by the Uniform Guidance We have audited the consolidated financial statements of Vanderbilt University as of and for the year ended June 30, 2017, and have issued our report thereon dated October 4, 2017, which contained an unmodified opinion on those financial statements. Our audit was conducted for the purpose of forming an opinion on the consolidated financial statements as a whole. The accompanying schedule of expenditures of federal awards is presented for purposes of additional analysis as required by the Uniform Guidance and is not a required part of the consolidated financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the consolidated financial statements. The information has been subjected to the auditing procedures applied in the audit of the consolidated financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the consolidated financial statements or to the consolidated financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in

57

the United States of America. In our opinion, the schedule of expenditures of federal awards is fairly stated, in all material respects, in relation to the consolidated financial statements as a whole.

March 29, 2018, except for our report on the Schedule of Expenditure of Federal Awards, as to which the date is October 4, 2017

58

Vanderbilt UniversitySchedule of Findings and Questioned CostsYear Ended June 30, 2017

Section I - Summary of Auditor's Results

Financial StatementsType of auditor's report issued Unmodified

Internal control over financial reporting:

● Material weakness(es) identified? yes X no ● Significant deficiency(ies) identified that are not considered to be material weaknesses? yes X none reported

Noncompliance material to financial statements noted? yes X no

Federal AwardsInternal control over major programs:

● Material weakness(es) identified? yes X no ● Significant deficiency(ies) identified that are not considered to be material weaknesses? yes X none reported

Type of auditor's report issued on compliance for major programs Unmodified

Any audit findings disclosed that are required to be reported in accordance with the 2 CFR 200.516(a)? yes X no

Identification of major programs:

CFDA Number(s) Name of Federal Program or Cluster

Various Research and Development ClusterVarious Student Financial Assistance Cluster

Dollar threshold used to distinguish between type A and type B programs:

Auditee qualified as low-risk auditee? X yes no

Section II - Financial Statement Findings

No matters are reportable.

Section III - Federal Award Findings and Questioned Costs

No matters are reportable.

$3,000,000

5959

Vanderbilt University Summary of Status of Prior Audit Findings June 30, 2017 There are no findings from prior years which require an update in this report.

6060